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ESTABLISHED OVER 100
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In 2 Sections-Section
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Price 60 Cents a
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An International Bankruptcy
The Financial Situation
By ELISIIA
derisive label em¬
right of 51%" .was the
"The divine
July 26, 1945
York, N. Y., Thursday,
New
Number 4406
162
Consulting Economist,
New York City
ployed by some authorities to describe the arguments of the
Mr. Friedman, While Approving of the Aims of the
.defenders of the 18th Amendment in the days of the "noble
experiment." Essentially the same doctrine—that in a "de¬ the Lack of an International Bankruptcy Court Has
mocracy" the majority rules and the minority submits even
unto the minutest detail with whicli the majority cares to
concern itself—is in high favor today, but it wears a new
:label—"unity." It will be recalled that within a very short
time, perhaps only a few months, prior to the national elec¬
tion in 1932, the ablest students of the Constitution and of
the history of American politics, indeed virtually everyone
i in the country except Alfred Smith, were quite certain that
the country was
saddled with the 18th
Foreign Governments,
to
Require That Defaults on
Court,
The
plans for
Amendment, if not
Perhaps there
revul¬
sion of feeling than that which wiped this bit of un-American
legislation from the statute books of the land. Certainly
rapid and complete
in this country a more
there never was one
which moved in upon us more com¬
pletely unheralded.
4 -
"Unity"
.
which now passes under
"unity," meet similar and equally
deserved fate?
This, too, is without doubt "noble in motive"
—only the word now is "objective"—but those who now are
How
the
soon
1 equally
will this tyranny,
and style of
name
if not more impatient
of minorities are also
equally
and certainly as alien in their
thinking to all American traditions as were the prohibition
leaders of the '20s.
If it was urgent in 1932 that we get
back to American concepts, it is many times more important
and urgent today.
Then our aberrations had given rise to
the rule of gangsters and had bred a broad contempt of law
touch with the realities
out of
■
in the
„
;
breasts of many
'■
The
normally law-abiding
(Continued on page 436)
;
and law-re-
■
Professor Hodges Reviews
*
*
the Proceedings of the
ference, and Although Pronouncing It a Success
"Battle of Wordage and Verbiage Hasn't Ended."
m e n
•v
The
United Nations
probably has set this
the
mate
patches at
tor
The San Francisco
dis¬
of the
San
.
.
Nor
does it take into account the ver¬
batim
record of the embattled
delegates,
both
behind
closed
doors and in open meetings.
I
blow—coverage
Francisco sessions. .
Charles
parley has been a
Hodges
wordy business
—practically nine weeks of talk.
The Western Union people esti¬
by
made
by
Mr.
the New York So¬
ciety of Security Analysts, July
18, 1945.
Mr. Hodges is Mutual
Network's
Foreign Expert and
Professor of International Politics
at New York University.
address
(Continued on page
By
440)
of private credit
structure
The
exists and functions
a
only because
defaulting debtor may
to the
bankruptcy court.
ernments
are
bound by no such
A government
it cannot pay
it does not wish to
honesty.
of
code
be hailed
But gov¬
defaults not because
because
but
have been
We
life who
Idle
are
BARGERON
CARLISLE
Senators and others
future of world trade.
talking with some
perplexed about the
correspondent necessarily thinks. It is the
'• * ;
to be world trade. If there isn't world
do not have world trade, then unquestionably
report is not what your
trade, or rather
have
we
if we
yyy^yrKyy^y »
goods
enough
CONTENTS
GENERAL
men
be
to
i
<
Pa<?e
,
Situation
Financial
;............
433
of
Ahead
433
Moody's
Items
Bond Prices
About Banks
Trading
NYSE
t
the
News
on
State
Yields..". 444
and Trust Cos..
New York
Odd-Lot
and
Exchanges... 445
Trading..
of
438
v
o
a n
t
a
i
even
or
they did in building up
without regard to an
exchange of goods. The State De¬
partment has some very ambitious
plans in this regard.
With a view
more
than
to
Germany
working
Our
an
Trade
govern¬
ment
could
Review.
Dissolution
Unions
of Banks and Credit
.....
Bank Debits for May.i.............
445
444
pensate for the
nobody
a
on
plan to bring up
promising students who will be
placed in our mass production in¬
dustries for training.
These stu¬
445 totalitari-
434 regulate proc.rlial. B.r,.r.n
Commodity Prices, Domestic Index. 445
duction, guar¬
Weekly
Carloadings
447 antee and order jobs, wages, etc. /
Weekly Engineering Construction... 446
The
alternative to this, my
Paperboard Industry Statistics...... 447
friends agree, is our going more
Weekly Lumber Movement......... 445
and more into world markets, or
Fertilizer Association Price Index..445
as a matter of fact, in a free econ¬
Weekly Coal and Coke Output..... 444
omy.
Our citizens cannot be
Weekly Steel Review..
443
stopped from selling wherever
Moody's Daily Commodity Index..;. 444
they can sell.
Now, on the ques¬
Weekly Crude Oil Production...... 446
tion of what goods we can get in
Non-Ferrous Metals Market.......; 446
Weekly Electric Output............. 444 return in this world trade, to com¬
General
encouraging industrial develop¬
of Latin America, they are
ment
Russia has
had.
to
in
this country,
1 i t a ri-
s m
that
just as
we
would have to
have
Regular Features
Washington
From
this
my
me,
eign countries with a view
building them up and cashing
of abun¬
dance. But to
do
has the an¬
harassed by
econ¬
an
—————
friends in public life
they are being
industrialists who are
willing to risk investments in for¬
But,
tell
omy
Editorial
spondent has talked,
swer.
The
euphemism of sov¬
ereignty is used as a cloak for dis¬ work out our
honesty. There is no ethical code own economy,
and
it
could
pay.
in public
What we
gist of their discussions.
First, there has got
and
in Wall
Hodges before
work.
capital is a
Washington
Ahead of the Mews
From
the old defaults.
Street, ter¬
of billions, I am
sure
that 6,000,000 words sounds
quite modest indeed.
But it is a
lot
of effort to read 6,000,000
words—about
as
inspiring
as
reading your six favorite volumes
of the Encyclopedia
Britannica!
That doesn't take into account the
radio with its day to day—and
*An
are
meeting with their
debtors
rorized by units
blow
defaulting
credi¬
to arrange for new loans and
a word was said about curing
Here
situation.
6,000,000 words.
Down here
States.
United
Maintains That the
press
borrowed from the
This is an absurd
they
loans
University
of
capital is to get to
of
■
not
volume
Reconstruc¬
When
Development.
governments become safe,
investors will lend.
The busmess
loans to
■
•
International Organization
Conference on
payment.
ultimate force which
can
compel it to do so. This is
international anarchy.
In 1933, Germany unilaterally
defaulted on her debt to American
bondholders. The funds available
tion ■; and
contradiction in terms.
Various
remedies for default
the machinery
were sought.
Protective commit¬
and the meth¬
tees have tried to be helpful. The
ods.
Admit¬
Corporation of Foreign Bondhold¬
tedly, these to pay interest were used to buy ers of London was established in
copper and manganese and tung¬
are
not ideal.
1868 and subsequently the gov¬
However,
if sten and other war materials. The ernment was given representation
world stood by and did nothing.
there is full
on
its board.
Similar organiza¬
In
all
the
Treasury reports,
opportunity
tions were
established in other
for
free
and House hearings and public com¬ countries. They furnish interest¬
frequent ments on the Bretton Woods pro¬
ing information but secure no aqamendment, posals, not one word was uttered
tion.
there should
about giving the creditor on a
The Foreign Bondholders' Pro¬
be continuous
government loan the elementary
tective
Council of
the United
improvement rights that every creditor has in
States was organized in 1933 at
all private loans; namely, the right
in
the
ma¬
E. M. Friedman
the request of the Secretaries of
chinery and to enforce the collection of his
State and the Treasury.
Its an¬
The
methods as the result of experi¬ debt in a bankruptcy court.
nual report for 1938, of over 1,000
ence.
'.i'"-*'... _*. yy y yyy V; International Bank and all ijts
pages, shows that before the war
The lack of a bankruptcy court proposals
are worth very little
unless'the Permanent Court of
is a basic defect of all proposals
♦Summary of a brief submitted
International Justicewill
have
for loans to foreign governments.
by Mr. Friedman to the Senate
jurisdiction over defaulting gov¬
Such a court would protect future
Banking and Currency Commit¬
investors.
Amazingly enough, of ernments. If international law and tee on the Bretton Woods Agree¬
the 44 States or governments rep¬ international sanctions are applied
ments.
resented
at
Bretton
Woods, 18 to defaulting governments, inter¬
(Continued on page 439)
were in
default in 1939 on the national credit will rise and it will
San Francisco Con¬
generation's record for talk.
$-
which it
There is no
The
about
volve
Holds That Although
the Senate Will Ratify the Charter Without Much Opposition the Isolationists Will Continue to Lie Low and Efforts to Sabotage Our Participa¬
tion in United Nations Activities Will Later Manifest Itself.
Urges
Prompt Ratification as the Balance Sheet of San Francisco Is Good
and Says Though Task of Big Five Collaboration Is Difficult, It Is a
V2-'
agree-
t.
ternational Bank for
legal principle under
must- make reasonable
or
uni¬
differences re¬
Condition of Peace.
v
is
versal
By CHARLES
Professor of
international cooperation in history.,
purpose s,^there
Significance of the
San Francisco Conference
HODGES*
International Politics, New York
Bretton Woods Agreement, Says
Been the Basic Defect for Loans
and He Urges That the Bretton Woods Plan Be Amended
Loans Be Adjudicated by an International Bankruptcy
Which Would Be a Division of the World Court.
Bretton Woods legislation constitutes the most extensive
——
. :
::—~—~~—
be less necessary to have the In¬
With the aims and
to
permanently, then for generations to come.
never was
Court Proposed
M. FRIEDMAN*
goods we
with whom your
export,
corre- ;
dents, serving as apprentices in
the Ford plants, for example, can
go
back and pass on
ing to other
their train¬
workers, and in time,
American workers will be
relatively skilled as our work¬
Latin
as
ers.
Then we will
standard of living
sphere; we
goods
and
have a higher
for our hemi¬
will all be
exchanging
everybody will be
happy, on this side of the Atlan¬
tic.
The State Department has
gotten the: approval of the CIO
and AFL for this venture.
With
•y\ (Continued on page
437)
434
THE COMMERCIAL & FINANCIAL CHRONICLE
Sept. 15 installment would be re¬
duced by one-half of its post-war
liggels of Wisdom
leaving it with
$50,000 of additional cash immedi¬
ately available.
"
%•••:• .--v■
,
; "Under another provision of the
bill, refunds arising from the recomputation of amortization de¬
ductions on emergency facilities
certified td be no longer necessary
ities, definite and early provision should be made
for the expiration of the excess profits tax at the v
end of the taxable year in which hostilities cease.
"Early in the transition period there should be
reductions of the rates applicable tp ordinary in¬
comes of corporations and individuals.
.
. i .
"Inasmuch as employers are by law held account- J
able for unfair labor practices, similarly employes
should be held accountable for such practices.
"Labor
for
"No form of lawful
1944
basic
agricultural products.
.
the
claim
would
for
non¬
which
of
in
result
re¬
Under the legis¬
file
could
company
a
quick refund, payment
must
ninety days.
be
The
within
made
would
the re¬
refunds
company
thus be able to anticipate
ceipt of $50,000 of cash
during the autumn."
the freedom of
approved
the
relief
tax
bill, it was reported in
"Chronicle," July 19, p. 331.
"Payment of subsidies for the production and dis¬
tribution of farm products should be ended as
the
encouraging to know that these eminently
proposals (so much in contrast to many from
quarters) received overwhelming support
the Chamber's membership.
It is
,,,
As
tax
rate
July 20 on the corpo¬
adjustment bill making
approximately $5,500,000,000 cash
available
and
version
for
business
to
recon¬
expansion
post-war
the bill
returned to it by the Senate with
one
of
its
provisions
deleted,
when the House accepted
Washington dispatches from
New York "Times" stated.
The measure
Senate
as
July
on
:,
about
to
as
years.
refund
bonds, involving
about $1.3 billion.
Make
speeding
refunds from
carry¬
profits credits.
excess
"4. Hasten refunds from
putation
of
deductions
for
of emergency facil¬
ities, involving about $1 billion."
stricken
vote
a
out
on
a
standing
House-approved provision
opponents charged would
which
give reorganized railroads
deserved
windfall
tax credit
a
outstanding
phase of
the
the increasing
the specific excess-profits tax
of
effective
other
program,
the
in
on
the
an
un¬
allowing
accumu¬
lated interest of the old
company.
However, when the bill
until
feature,
was
re¬
turned to it with the deletion the
House cooperated, and the meas¬
ure
was sent to the White House
in time for three of its five
major
relief provisions to take effect in
and
credits, as far as
Jan.
the
An¬
next.
1
advancing
of
maturity date of outstanding
post-war refund
effect also
on
"However,
ternal
sized
bonds, will take
that date.
Revenue
Bureau
earlier
that
)
officials of
would
the
In¬
empha¬
reconversion
come
through
"It
would
be
possible for
cor¬
porations
anticipating losses or
unused, credits for 1945, it was
pointed out,' to defer payment of
the Sept. 15 installment of their
1944 tax liabilities.
This example
was
given: the Sept. 15 install¬
ment
of
Corporation
X
will
amount
the
to
$100,000.
cancellation
of
Because
contracts
July 1, the corporation expects
of
on
an
unused credit for 1945 which will
result in
refund of $200,000 with
a
respect to prior years' taxes.
This
corporation would be able to defer
concerned, the Sept. 15 installment and utilize
the $100,000 for purposes of re¬
year, either in
the payment of the Sept, 15 tax conversion when
it is needed.
.
i
'
Witfy the tempo of cut-backs
and
,
war
"As another example it was in¬
•
contract cancellations in?
creasing steadily, and the result¬
dicated that it would be possible
for excess-profits
taxpayers to re¬
duce the amount of the
Sept. 15
ant need
installment
which
war
speed
gram
by industry for cash with
finance reconversions,
in enactment of the pro¬
to
was
a
paramount objective
of the Congressional leadership.
The bill awaits President Tru¬
man's signature, and
it is gener¬
ted
credit
by
the
by
taking
the
currently, as
legislation.
post¬
permit¬
Taking
corporation,
the tax officials pointed out that
the
case
of
another
this could happen:
The corpora¬
tion reported as excess-profits tax
ally conceded that he will'sign.
liability, of $1,000,000 for 1944 and
In
paid installments of $250,000 each
Associated
20 it
was
Press advices July
on
stated:
Tt will take
time, it
:
I
.
was
point-
J
March
Under
the
15
and
new
June
15, 1945.
legislation
9-
:
~
operations
to
conversion
production
trict
largely
is
are as follows:
Pittsburgh
88.5%; Chicago 94.5; Youngstown
90.0; Philadelphia 93.0; Cleveland
89.0; Buffalo 98.0; Wheeling 90.0;
South 94.0; Detroit 94.0; Western
70.0; Cincinnati 96.0; St. Louis
89.0; Eastern 90.0
rated
tonnage already being car¬
ried by most, mills, with enough
the books
for
six
the
to
months
Controlled
as
well
The American Iron and Steel
Institute announced last Tuesday
steel
producers feel that the
future beyond that point is too
uncertain to attempt to negotiate
the operating rate of steel
companies (including 94% of the
industry) 'will be 90.7% of capac¬
ity for the week beginning July
and semi¬
Order books for bar
finished
that
business.
additional
items
steel
of rated
week
due to the heavy backlogs of un¬
on
moving up one point
capacity. Dis¬
steel ingot -operations
this
90.5%
fairly
through the remainder
year and
into the first
quarter of 1946. Tinplate sched¬
are
well filled
23,
of
week
ules-for November have
been
most
by
(R.-Mass.), minority leader of
the House, has initiated a resolu¬
tion that before launching on a
plan of enforced training, the
United States seek to bring about
an international agreement which
would
abolish
throughout
the
world
all
compulsory
military
service.
Martin's
Mr.
proposal, which
Press
reported
from Washington July 16, urges
President Truman, Secretary of
the
Associated
State
Byrnes
and
Edward
R.
Stettinius, Jr., who will represent
the
this
United
States on the United
peace-furthering organ¬
ization, "to work unceasingly" for
the end of compulsory military
training.
The
press
advices
about
be
peoples that the policy of gigantic
systems of universal compulsory
military
service should
inated,
it
United
tions
this
States
the
of
and
relieve
all
necessity
we
the
other
to
na¬
assume
great new burden at
when
and
would
elim¬
be
time
must build, reconstruct
a
readjust the world to peace,"
elimination of
The
present.
"The
which> has long
practice of European
nations has never prevented war,'?
the Republican leader said.
"It
is always viewed with suspicion
and
fear
by
other
countries,
system
the
been
forcing them to. adopt the same
policyr It becomes an insupport¬
able burden, a constant drain on
the. people of the. world, and a
delivery
is
date
tonnages have expanded recently
realingments in schedules
loadings
shells.
small
this
week
cold
finished
will
be
will
be
The
adjust
OPA
lowered
may
war.
"In view of the world's hope of
the ultimate destruc¬
tion of the military power of Ger¬
many
and Japan, an effort to
eliminate compulsory m i 1 i t a r y
service as a policy of all peoples
peace
cannot
A
and
come
House
too soon."
committee
.
rearranged
that
so
held
extensive
hearings during which
military training was
advocated by virtually all the top
military leaders of this war.
The
post-war
committee recommended
a
broad
universal training policy.
will
be
not
A
much
substantial
been made
if
for the
last
The
supply
is
of
merchant
wire
still
inadequate to meet
demand.
Small size
heavy
nails and
bail ties
said to
are
be
extremely short. Steel posts and
wire products generally were ex¬
periencing a heavy demand this
past week.
firms
lations of
little
war
try
contracts
effect
situation.
cult
report that cancel¬
One
of
the
having
are
the
on
manpower
most
diffi¬
problems in the steel indus¬
is
the
inability
to
obtain
labor.
common
.The
increasing
numbers
of
men
appearing
at
employing, offices, as they are
laid off at other plants, are not
ready to
take a reduction
in
wages
but
are
seeking
a
job
matching their previous one in
pay.
The
lack
of
skilled
manpower
Martin's office said his resolu¬
on
record and will not be
the to Senate action.
subject
Railroads
was
21.6%
or
an¬
increase of
an
with
above
similar
a
an jncreaSe
0.7% is shown
or
fwtr:^
the
^
•
to
period
5;933
of
of
cars,
,e
t+
fu^e fe^or
?
of electricity increased
quarter of
overs.
items
This
cars,
pared
ton-1
I
slated
American
11943,
is still large. Heavy deliver-
this year may be expected to wipe
out the remainder of the carry¬
the
of
156,864
has
in carryovers for steel
year
preceding week this year and
20,633 cars, or 2.3% below the
corresponding week of 1944. Com¬
any.
reduction
one
ended
July 14, 1945,
883,268 cars, the Associa¬
nounced.
net
bar items by most mills although
in one area the undelivered
approximately
4,295,254,000
14,
1945, from 3,978,426,000 kwh. in
the preceding week.
Output for
the week ended
July 14, 1945, was
kwh. in the week ended
July
1.9%
below
that
responding
year
for
weekly
the
cor¬
period
one
ago.
Consolidated Edison Co. of New
York
reports
system
kwh.
in
163.300,000
output
the
of
week
er.ded
July 15, 1945, comparing
162,200,000 kwh, for the cor¬
responding week of 1944, or an
with
increase
of
0.6%.
Local distribution of
amounted
to
electricity
159,200,000 kwh
158,000,000 kwh.
compared- with
for
the
last
year,
corresponding
an
Business
Commercial
in
ures
week of
increase of 0.6%.
Failures
the
and
Decline
industrial
—
fail¬
week
ending July 19
dropped to one-half the number
in
the
preceding
for the production of cold rolled
sheets is a major factor in keep¬
about
ing down the output of that item.
Dun
One
week
and
to
number
in
12 concerns
steel
producer has said that
the
two-fifths
the
comparable
&
week
week and 29 in the
able, cold rolled sheet production
could be increased as
much as
week
50%- with
existing facilities.
Progress
of
J'
basis of
Interest
an
were
failed
a
reached
high
pitch
or
than
freight
a
Only
this
one
large
for
year
ago
concern
every
whereas
one
failed this year for
every
retailers
failed
in
the
No other trade
industry group showed
'
three
small
year ago.
Eight
in the railroad car field this week
for the French and 6000 cars
of
more
week just ended.
when construction of 36,750
cars
21.
year
two
,
a
Large
failing with liabilities
or
concern
arbitrary
/
,
dropped from 18
preceding week to 8 in the
week just ended—last
year there
government contracts based on
commercial price setup rather
the
>
in the
to have claims for steel in process
on
corresponding
ago.
marked decline occurred in
both large and small falures
thjis
week but it was somewhat
sharper
$5,000
buying agencies,.
According to indications at Pitts¬
burgh steel producers have, tem¬
porarily at least,» won their fight
a
year
concerns
and military
formula.
a
among the sizeable failures.
pre-termination
agreements between steel produc¬
on
1944.
A
is being made in the
completion
of
Bradstreet, Inc. reports
failing against 25 last
if adequate manpower were avail¬
than
tion is intended to
put the House,
tion
extras
that
1,717,800 tons
week
totaled
change in the price of these items
ers
has
the
base
but
and
Railroad Freight Loading—Carof revenue freight' for
bar and
,
further incentive to
week
prices on
shafting. It
is understood that the base price
Steel
military
earliest
one
ago. This week's operating
represents an increase of 0.9
points from last week's rate and
is equivalent to 1,661,300 net tons
of steel ingots and
castings, com¬
pared- to 1,644,800 net tons last
can-
December
89.8%
rate
al¬
due to
ies
mutual understanding can
reached between nations and
a
the
filled
and
with
ago:
nage
added:
orders
compared
for tinplate.
Cancellations in cold drawn bar
Nations
"If
completely
makers'
for
rt
compulsory
service as a policy of
nations, Martin continued, would
be
the
greatest single
act
of
statesmanship that could be ac¬
complished
in
the '. immediate
what
diiring the current
sooner.
the
examples of how and for
types of corporations they
would operate.
gave
many corporations are
or
ebb.
Martin said.
refunds
installments
to
the three other features and they
Senate-approved legislation
had
them
"An
assistance
recom-
made
amortization
The
the
part of Congress.
$1 billion available by
up
backs of net operating losses and
unused
House with this assumption on
on
1946, as ma¬
turity date for outstanding post¬
"3.
sent to the White
was
corporations by per-
"2. Fix January 1,
tax
was
be in a
exemption from the present $10,000 to $25,000 thus releasing an
the ex¬
used cur¬ estimated 12,000 corporations from
of 1944 and subsequent this levy entirely and cutting the
taxes for about 19,000, will not be
available
war
with im¬
legisla¬
But,
added, the bureau
position to handle
these matters by Sept. 15.
should
designed
$1,540,000,000
mitting the 10% credit
cess
profits tax to be
rently
it
tion,
five-point
"1. Make
.
credits.
"The bill
:■
deferments and
mediate enactment of the
,
approved by the
19, according to
the Associated Press, was
to:
the
for the Bureau of Internal
Revenue to set up its administra¬
tive machinery for the handling
current
also reported that all locomotives
some
Cancellations on an; order involving 500 for
covering all types of steel orders Russia which if not completed by
in June surpassed by a wide mar¬ August 31 are to be canceled.
If
gin the experience in any other- recent schedules on this locomo¬
month
this
year.
Despite this tive construction are adhered to
it
volume of cancellations, deliver¬
might mean that about 280
locomotives will not be delivered.
ies are still quite extended.
Validated or rated order vol¬ The suspension on the French and
Indian orders will probably mean
ume regained somewhat the sharp
losses
reported
last week
and that it will be some time before
averaged about the same tonnage work is begun on this business.
A slight betterment in the steel
as in recent weeks.
Nonratecl re¬
quests, however, were still at low ingot rate occurred this week with
Jr.
ed out,
of claims for tax
until
books
next. ;-week.
time
compulsory military training,
Representative Joseph W. Martin,
Congressional action was com- &
on
proposal
almost universal cry for peacetime
,
Tax Belief ieasssre Seat to Wliife House
pleted
counter
a
mill
reach
not
as
sound
other
,
Materials Plan. Customers
Military Conscription
Proposed by Martin j
ft
ter, deliveries on nonrated sheet orders will be much easier than at
present.
Some trade sources say that even if a large volume of
cancellations should result from<^
WPBs' move they probably would for India was suspended. It was
carry the mills
after the end of
.
from
The War; Production; Board was still continuing its efforts to
the tight steel sheet situation, but so far the relief has been neg¬
ligible; says the "Iron Age" in its current summary of the steel trade.
It is believed, however; states the magazine, that
by the fourth quar¬
>,
of this business
Universal End to
rapidly as possible."—The Chamber of Commerce |
of the United States.
,f
,9
>.,
ease
The reduction in orders for re¬
When the Senate Finance Com¬
mittee
.
.
which
lation
producers, processors, or distributors of
action of
certificate" of
a
funds of $50,000.
further extension of arbi¬
trary governmental authority over
which
necessity has been granted filed a
claim on June 15,1945, for recomputation of taxes for 1943 and
enterprise should be favored
no
An example: A corpora¬
owning emergency facilities
for
by the government over any other form.
"Lend-lease to the respective theatres of, war
should cease with the end of the respective wars...
"There should be
available this year and early
tion
\
•.
.
be¬
would
1946,.
in
organizations should be subject to regu¬
prevent monopolistic practices in¬
.
defense
national
come
lation that will
jurious to the public.
■p The..State ©S Trade g|§
credit of $100,000,
"While it may not be feasible to make substantial
reduction of taxes until the cessation of all hostil¬
Thursday, July 26, 1945,
t\^o
failures.
(Continued
on
But
page
mofe
even
441)
in
m
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& FINANCIAL CHRONICLE
THE COMMERCIAL
Y,
jVolume 162 J Number 4406
ItTfuisia^
In a message to Congress on July 17,. President Truman • asked
major revision of the Surplus Property Act by changing the
administrative setup from a three-man hoard to a single adminis¬
trator, the Associated Press reported on that date from Washington,
adding that William Stuart Symington, St. Louis manufacturer only
lately sworn in as Board Chairman, was considered . the President's
likely choice for the one-man post. ^
—
——*-77—r—
Under Mr. Symington's prede- of the Office of War Mobilization
cessor,
former Senator. Guy M. ,and reconversion, holding that the
Gillette (D., Iowa), the board was .agency lacked freedom of action
in frequent dispute over certain I and should be responsible only to
policy decisions. The situation led ! Congress.
A bill proposing such
to Mr; Gillette's resignation, and'a separation has been introduced
'vu y
•for
was
advices added:
'weeks-
Truman
conversations will be resumed in
the
said.
Hurley, of Con¬
A.
hav¬
appointed by the late
been
Act
ma¬
the
which Congress author¬
ized and it has begun to imple¬
ment the standards which Con¬
laid down for the disposal
of surplus property.
Regulations
already promulgated or in the
gress
of adoption cover the most
important types of property-con¬
sumer goods, plant equipment, in¬
dustrial plants and farm lands.
process
"House
,
.
comes
To dispose of
now.
manner
suming
rapidly
this growing
surplus property in a
that will fully achieve the
until after
This would occur if
Hurley and
Edward Heller were to resign be¬
fore a single official, presumably
declared by Congress
Stuart Symington^ could be em¬
will require the
most efficient
YY
possible administrative machinery, powered as Administrator."
After his installation as Surplus
u "While
the
present Surplus
Property Act was under consider¬ Property Board Chairman, Mr.
ation by the Congress the then Symington gave a news confer¬
.director of War Mobilization and ence, in which the New York
Reconversion, Mr. Byrnes, recom¬ "Times," in its Washington dis¬
mended the provision for a single patch of July 18, reported him. as
administrator, I think experience having said that his approach to
the job would be to "handle it
hats proved him right. .
from the standpoint of maximum
!
"In a field which calls for quick
also that he at¬
and decisive action, it is undesira¬ employment;"
ble to dilute responsibility for the tached great importance to strong
objectives
the
recently
"More
retiring
to
Congress that although he
the
originally shared the view that a
three-man board was appropriate,
also led him to the
belief that the act can best be ad-
his experience
>
ministered
by a
single adminis¬
"I
am
convinced that the effec¬
tive performance
ministrative
the
only for the merchandise that
be produced in or off them.
"Everything," he said, "ought to
be sold on the basis of maximum
ble
can
employment, provided it does not
interfere with the directives in
the act of Congress."
Y
..
Asked whether he would take
for surplus property in
employment, the
York
"Times"' continued,
tasks
of the vast ad¬
remaining for
disposal of the surplus prop¬
imperatively requires that
authority to make decisions and
responsibility for those decisions
should be centralized in a single
official.
Such an official should
erty
operate, ajs do all other executive
agencies, under the general au¬
thority conferred by the President
and the Congress on the Office of
War Mobilization and Reconver¬
to
New
Mr.
create
Symington said, "Yes, person¬
The advices added:
ally I would."
"In discussing
response
operate their own steel mills.
whether he would favor
Asked
Henry Kaiser over United
in the
Steel
steel
States
disposal of Western
plants, Mr.
Symington said
who was back
If Mr. Kaiser was
.'it would depend on
of Mr. Kaiser.
sion.
local business, in
to questions, Mr. Sym¬
ington said it was his thought that
Pacific Coast people ought to own
and
Accordingly, I request the
Congress to amend the Surplus .backed by local interests I would
Property Act of 1944 by substitut¬ favor him. ; It is not the person¬
that
counts,
but whose
ing a single administrator for the ality
present Surplus Property Board." money is behind him.
"
Yin
an-informal
Truman"
before
report
his
.
to
Mr.
departure,
absolute conviction,
20 some years Y in business,
if we don't promote local,
Tt
after
is my
Senator Gillette recommended the
that
single
independent business, we are go¬
ing to end up with a few great
companies, and that would be
administrator form
ganization.
of
< or¬
He also advocated the
.removal of SPB from the control
attention to our
interests."
Specifying seven counts in its
criticism of United States foreign
representation,
the comftiittee's
report stated generally (we quote
from the Associated Press):
"The difficulties recited . . . re¬
sult from the failure of our gov¬
'
occupa¬
ernment agencies
considerations we should
all the
in
received
have
abroad to obtain
for the
return
huge contributions we have made
in this war.
Lack of a ciearly
established foreign policy over a
very long period of years is a ma¬
1,000 loans jor contributing cause."
Credit De¬
The seven specific counts: Y \
1. Disposition of
servicemen.
surpluses
loans are as abroad in a manner not likely to
follows:
bring the-* highest return or fill
Medical and dental 46%; Furni¬ the greatest need.
Coordination
ture
and
household 21.2%; under a single agency recom¬
' '
' *
Clothing
9.2%;
Insurance
and mended. A
taxes 8.5%; Business 6.3%; Edu¬
2. "American rights to fixed in¬
cation 2%; Miscellaneous 7.8%.
stallations which we have erected
The
loans
made for business abroad have not been clearly de¬
fined.
It is essential that immedi¬
purposes include partially-insured
loans made under the so-called ate and careful study be given
"G.I. Bill of Rights," according to to
future disposition."
the
3. Large quantities of captured
Bank,
although numerous
business loans as well as all non¬
goods and munitions not yet in¬
business loans did not fall within ventoried, with no plan for its
the regulations of the Veterans'
disposal nor coordination with
Administration and were based the Allies, particularly on the
solely on the credit of the vet¬ possibility of turning it to account
eran.
against Japan.
/
'
/
local, independent businesses. He
asserted, according to the "Times,"
that the wealth expressed in a
machine tool or a plant is valua¬
order
provide for their return, the com¬
mittee
said that failure to act
constitutes "a lack of vigor and
the first
made by its Personal
partment to former
The purposes of these
less money
trator.
Y Y
tion
of
analysis
less to act
casting of the military procure-,
ment system under which it said
armies short of artillery ammuni¬
ceived aerial bombs of types
in starting
businesses, according to The
National City Bank of New York,
which on
July 23 released an
board members Robert
Chairman of the Board has stated
Noting that legal title to lendmaterials
rests with the
States and
that master
lend-lease agreements specifically
new
Senate sources point
*
believes
lease-
future."
ordinary
#
-•
.
:
"Relatively
few
veterans
care
into business for themselves,
compared with the number who
to go
preferred to
be employed by
someone ielse," said Roger Steffan,
vice president of the Bank.
"Vet¬
erans
afe surprisingly well in¬
formed about the high percentage
of
casualties
nesses
among
and about the
good bargaining position,
a
negotiations could be engaged in.
with the countries involved for
United
tions in civil life than
situation may develop in
which the SPB would be power¬
disposal of surplus property. Ad¬
ministration by a multi-member
board has complicated day to day
operations under the act.
inter¬
veterans of World
more
interested in
their
still in
possible, and certainly they should
include captured enemy material."
reestablishing their homes and re¬
out that a
of
volume
said that the
recommendations
of
possibility
the
,
and Navy need for Euro-*
pean theater bases, the committee
said:
"And now while we are
the rights to maintain them.
•
Our
that international air commerce will
all sources of supply for the Pa¬ find many of the airfields built
cific war should be exploited to for", war-air transport indispens¬
the maximum, and that existing able to any network of interna¬
stocks of armaments and supplies tional air routes." yy-Yy
should be drawn upon first where
The committee called for re¬
Occupations
are
causing
items
committee
"The
The negotiations are to be
II
of
to say:
Resulting Usual
War
by
Mentioning
identical
with those now idle in the hands
of our Allies," the report went on
manufacture
Chungking for some
Returning
reconversion
laying
Returning Veterans Prefer
probably early in Oc¬
reconvenes,
That rate is rising sharply
rises.
Army
of the ThreeT. V. Soong de¬
resumed in the nearest
single Administrator is¬
is not resolved until Congress
sue
were
prosperity of our international;
Contending that the situation
extremely urgent and that it
was increasing war costs and de¬
was
monthly,
"If the
increasingly difficult as the
rate of surplus declarations
time.
tober.
.
"The task of administration be¬
for
parted
that Chamber returns from a sum¬
*
leaders.
Power
leaders
mer recess,
,
lished.
for. the. meeting
the
would not be acted upon
policy to the effectuation
of basic policies already estab-
a
the
commerce."
of J. V. Stalin and
than
less
However,
President's
tion of
in
tion of 370 air bases and other fa¬
cilities in Europe may hold the
answer to "our future security and
turned.
because of the departure
V. M. Molotov
rupted
35% of its
inventories
of surpluses on hand are mount¬
ing steadily, and returns, to the
taxpayer are expected to drop the
longer goods are held.
costs.
place
understanding.
"The negotiations
Press:
$50,000,000
sides
The
upon.
Va.), which made an overseas in¬
vestigation and has recently re¬
Government recovering
the
something
The emphasis in the board's task
will then shift from the promulga¬
y.
of
rate
with
/
talks
friendly atmo¬
sphere and revealed broad mutual
took
"The board has
chinery
both
interesting
touched
were
the other.
Said the Associated
issued:
nique
had aa their aim
frequently been
a target of criticism in Congress,
"The operations of a three-man mainly on grounds that it was too
Surplus Property Board created slow in setting its machinery in
by that act have been marked by motion.
substantial achievements.
It has
"Surplus goods are selling at
disposal
y,
questions
disposal of all types of surplus
property,
the
;
"This is the text of the commu¬
In addition,
record of conflict
between
the
former Chairman,
Senator Gillette, on the one hand,
and Messrs; Hurley and Heller on
1944, a comprehensive scheme
for the declaration, handling and
motion
future, the communique
near
SPB had a long
of
in
Russo-Chinese
The
Churchill.
Minister
Prime
and
,.
President Roosevelt.
ing
"On Oct. 3, -1944, the Congress
set
and-Generalissimo
here,
subcommittee headed by
M. Kilgore (D.-W.
a
Senator Harley
Stalin prepared to leave for Pots¬
dam
to
confer
with
President
necticut, the other members,
text of the President's message:
.
Premier of China,
after two
Chungking
for
The basis of the Com-,
dispatch from Washington.
complaints was a report
Associated Press
by
-
-
-
"T. V. Soong,
left
War Investigating Committee on
report issued by the Senate
mittee's
"The negotiations
improvement of
Soviet-Chinese relations in which
connection
the
most
important
Robert
Gov.
quiring "quick and decisive ac¬
tion," the Associated Press report¬
ed, and gave the following as the
A
July 6 stated that nothing had been done to untangle the mass of
war surplus problems in Europe and recover for our own use in the
Pacific lend-lease arms originally sent to our Allies for the European,
war which
ended before they had been consumed, according to an
.
Associate^ Press reports; the
the
named by
Mr. Truman, Lieut. Col.-Edward
Heller, of California,' and former
undesirable to "dilute respon¬
enacted the Surplus Property
tions
member
board
only
questions which involve-rela¬
between the two countries,
tant
Stewart (D.; Tenn.). •;
The conclusion that.'President
Truman would prefer Mr. Symington as sole administrator was
based'on the fact that he is the
sibility" for a disposal effort re¬
;i
joint communique from Mos¬
cow, July 14, stated that Russia
and China have reached a broad
mutual' understanding on impor¬
--v.A
j by Senator
he recommended
the change to the single administrator plan.
In asking Congress
to wipe out the board it created
last October, Mr. Truman implied
'.his recognition of the disagree¬
ments which split the members
under Gillette by stating that it
left
he
before
Shipment io Pacific of Unused Lend-Lease firms
9
.
a
small busi¬
competitive
problems which
confront
any
enterprise.
One
veteran referred to figures he had
.
.
result of the impending
evacuation of our troops in France
and their occupation of Germany,
4.
"As
a
shown a disposition
further interest in the
the Army has
to have no
while it finds it
necessary to strengthen the Ger¬
man transportation and industrial
system in order to assure itself of
proper supply in Germany. While
this is a natural attitude on the
French economy,
Germans
the
fight
to
re¬
they,
did not want.
the report
shortage,
shell
The
said, was not the result of failure
in factories, but of failure to order
in time.
F. 1. Vinson iesomes
Secretary of Treasury
Apparently
reconsidering his
professed intention ;of remaining,
at the President's request, in the
office of Secretary of the Treasury
Until Mr. Truman returned from
■
Henry Morgenthau, Jr.,
communication-,
Europe,
wirelessed another
the
on
the high
his
was then
requesting that
be appointed with¬
that his resignation
President, who
to
seas,
successor
delay so
out
final.
might at once become
.
Truman sent,
Senate on July 16 the
nomination of Fred
M.;
Accordingly
the
to
formal
Mr.
already selected to suc¬
Morgenthau
in
the
Treasury
post,
the
Associated
Press reported from Washington,
and the following day Mr. Vinson
was
confirmed unanimously by
voice vote which came soon after
the Finance Committee had ap¬
Vinson,
Mr.
ceed
•
proved the appointment
hearings.
.
without
't
approved by the Senate on
18 was the nomination of
Also
July
John W. Snyder to succeed Vin¬
son
as
Directoj* of War
Mobiliza--
Reconversion, following
confirmation by the Senate
tion and
his
Committee.
also
The Associated Press
reported:
y
"According to present plans,, no
successor to Mr. Snyder as Fed¬
eral
Loan
Administrator will be;
appointed at least until Mr.
man returns from Europe,
Tru-?•
'
48,
Arkansas
and
Missouri,
armed forces, it must from
emerged today as one of the most
be counteracted if we are to avoid
seen
showing that between 1900 a situation where our enemies fare important figures in the Govern¬
and 1939 some 16 million business better
at our hands than our ment.- As mobilization chief he
Will direct the home front in the,
enterprises started and 14 million friends." \Y yy'YY *
closed up."
y
kY
.■
i 5. "The
division of Germany war effort.
into four zones of occupation has
"He is expected to keep a finger
very unfortunate for
the econ¬ resulted up to this time in vesting in the Reconstruction Finance
omy.' «'
the control of what has been a
Corporation for the present. . As
"Mr.
Symington
would
not highly integrated nation into four Loan Administrator he h£s been,
comment on President Truman's wholly uncoordinated elements." in charge of it.
Under his leader¬
6. Lack of itemized invoices for
proposal to have a single surplus
ship the RFC was streamlined for
property administrator instead of reverse Lend-Lease services and its role in reconversion, with sub¬
the present three-man board.
He goods, preventing reliable ac¬ sidiary corporations merged into
said
he
had not expressed an counting.
the parent body.
His new posi-.
7. Artificially fixed foreign ex¬
opinion on the subject to the
tion gives him such sweeping au¬
President or to anyone else.
He change rates which the committee
thority that he can decide HFC
have imposed
a
financial
said he would be better qualified said
policy. y y/'Y....
1 Y, •
.
to express an opinion if he had a burden on American service men
"Actual operation of the RFC
also
created problems in
few months' experience as chair¬ and
man.
settlement of Lend-Lease accounts will be handled by its board of di¬
headed by Charles B.
"Asked
whether he believed and disposal of surpluses; also rectors,
surplus property would amount to great amounts of Axis currency Henderson.
and profits in the hands of collab¬
a hundred billion dollars, as some
"When President Truman re¬
have 4 estimated, Mr.
Symington orators who serve the enemy,
with impounding made more dif¬ turns. he is expected to, confer
said he did not know much about
ficult by delay;
•
/ ;
with Mr. Snyder and determine
it but his personal' opinion' was
On the point of foreign installa¬
that the figure was 'a lot top
the RFC's future."
•
tions, the committee said disposi¬
and
regulatory
"Mr.'
Snyder,
a
banker of
part of the
.
-
high.'"
•
436
THE COMMERCIAL & FINANCIAL
CHRONICLE
Move to Tax Aliens
The Financial Situation
(Continued from first page)
specting
the
and
men
country.
these
than
The
sort
preceding
threaten
great deal
is
whole
structure
society, the entire
mechanism
and,
of
banished
our
fear,
The
one
we
were
how
and of
1.
,
Russia
economic
our
than many
of
and
us
of
social
realize.
life
having to do
relations,
programs
with
as
and associated domestic
no
in any
be
during
the
of
tually
has
all,
legislation
all
to
of
do with labor
vir¬
or
which
during
the past decade or more.
In
an effort to
procure the "ben¬
efits"
of
that
seems
call
us
to
to be
our
attention
public
us
to be
to
a
administrative
have
the
right
gaining to
prefer it.
many others who
are
Conformity Demanded
;
These
are
but
a
few of the
obvious manifestations
more
many
matters
as
these into the calm
light of cold
reason.
immi¬
not have been
may
On the other hand, the
possession of an immigrant's visa
by an alien, upon his initial en¬
trance into the United
States, is
granted.
or
in
In the investi¬
lar
not
engaged
taxed
are
in
only
trade
or
fixed
on
or
to
should
such
alien.
not
therefore
activities
of
resident
a
of
this
country.
Those
aliens, therefore, who are
properly classified as residents
within the
meaning of the regu¬
lations referred to above and un¬
der the general rules of law
re¬
be
the
-
3.
The most important class of
aliens with whom the Bureau is
concerned are those who,
having
United States whose fixed
determinable annual or peri¬
required to file returns
nonresidents of the United States
business with¬
or
attention
given
periodical
or
the
all sources, both within and
with¬
out the United
lating to what constitutes resi¬
dence, should in every case be
realized profits on securities trans¬
actions or otherwise, claim to be
$15,400; (3)
Form
on
1,040 accounting for income from
States, including
Furthermore, all
and have thus failed to file
proper
income tax returns even though
nonresident aliens who
they are in fact residents of the
United States. In connection with
and
the
general question as to what
constitutes residence in the United
trade
Very little difficulty is
taxable
are
of
the
the
under
of
of
quired
section
211(a)
be
is, in general,
withheld
-
source under section
at
Internal Revenue Code.
With
re¬
tax
at
quired
to
of
30%
.withheld
are
at
for
1040NB(a),
the
balance
respect
of
viduals engaged in trade
within
the
United
or
ness
aliens
entire
within
ing
are
ac¬
the
those indi¬
to
busi¬
States,
subject to tax
income from
capital
sources
provided in section 211(b) of the
Internal Revenue Code, the phrase
"engaged in trade or business
within the United States" does not
include
the
effecting, through a
resident broker, commission
agent,
or
custodian, of transactions in the
United
States in commodities, or
or securities.
It fbllows
a
nonresident
by
as
something which
be
less
than
v.
Bowers,
other
used
the
alien, not other¬
Bureau
domicile.
24
words,
F.
in
all
may
(Bowring
(2)
918.)
residence,
In
although
the equivalent of domicile
connection with probate mat¬
in
as
ters, succession taxes, and inheri¬
tance taxes, as well as the estate
tax
law, is not necessarily the
same
domicile for Federal in¬
as
tax
It
purposes.
is
stated
in section 29.211-2 of
111 that an alien
Regulations
actually present
in
a
the
United
States
transient
mere
who
is
not
sojourner is
or
resident of the United States for
a
the purposes of the income tax.
It is also stated in that section that
if he lives in the United States
and has
no
definite intention
his stay, he is a resident.
who
more,
one
United
in stocks
that
construed
rulings
come
States, includ¬
gains.
However, as
primary im¬
ing a tax on the entire income of
aliens, if resident in the United
States, and residence has been
on
the United
of
one
States for
as
to
Further¬
the
to
comes
definite pur¬
a
who
have
been
engaged
business
or
within
in
this
country at any time during the
taxable year should file
complete
returns on Form 1040B, account¬
ing for their entire income from
mixed question
the element
portance.
The Federal income tax
laws have been uniform in
levy¬
gains.
are physi¬
cally present in the United States
and
fact
of intention is
are
Form
With
their
the
deter¬
or
required to
by the individuals in such
on
counting
such
re¬
or periodical in¬
also subject to sur¬
returns
be filed
cases
is
annual
and
tax.
be
they
come,
rate
from their fixed
source
minable
tax
the
a
of law and
the
spect. to the second class, although
a
that residence is
re¬
143(b) of the
capital
States it should be borne in mind
Code at
30%, and the entire
tax
to
en¬
Such aliens
Internal Revenue
rate
amount
our
who do not scruple
impose) and to bring such
to
visas
such
spect to the first class.
what
gans and the natural emotions
of the times (on which there
grants'
ordi¬
engaging
business.
though
even
countered in connection with the
collection of income tax with re¬
the
officials
hesitated to deny power to lead the American
of individual bar¬ people to cast aside the slo¬
constitute
or
behalf
own
intention
an
to become residents of the United
States
not conclusive of his classification
2.
say
never
visas, thus indicating
other
others, would
to • the
immigrants'
on'
as
aliens
engaged
in
trade
or
business
within
the
United States; (4) resident aliens.
well
situation
do what little lies within
of
in order
re-entry
nonresident alien claiming not to
be engaged in trade or business
within the United States
particu¬
nonresident
bargain¬
ing" for the majority, if it is fraught with hazard for the
future df the
the
country, and to
majority, the legislators
and
narily
fall within the following
(1) nonresident
engaged in trade
duty to
of
the. alien's
on
behalf
trade
classes:
income; (2) nonresident aliens
time. It nonetheless
American
seems
"collective
to
the
of
for
States
who
machinery usually is—at
a
However, certain
third country
a
qualify
gation of the tax liability of any
determinable annual
the
least for
to
within
sources
of applications
by such aliens
business within the United .States
value, of this kind
"unity" into question at
of
result
on
aliens
ly all of our so-called social the present time. We have re¬
security legislation which peatedly observed, as every
other bbservant citizen
has,
obliges large numbers of per¬
how quickly the
sons to make
propaganda
"contributions,"
machine can get into
and in other
opera¬
ways to take part
tion to "discredit, if not to
in broad measures which
may
or
may not have majority blacken, the name of any of
the minority who has the
support in reality, but which
certainly do not have uni¬ temerity i to speakpujt his hiind
versal support.
It is a salient plainly, and how successful
characteristic
the
as
to enter
States, including capi¬
gains.
erty,
general
calling
"necessity," hot to
even
great number
have been made
activities, such as the buying and
selling of personal or real prop¬
on
purposes
Speaking
course,
of the hazard of
one
through virtual¬
income
tal
United
consid¬
in the stock market
the commodity
exchanges.
Attention is invited to the fact
that aliens for Federal income tax
reasonable man's mind.
are,
the
the United
transactions
in
We
aware
any
reasonable examination of the
facts. It runs
in
odical income exceeds
poli¬
other points, as
may easily discover by
stay
accumulated
derived from
come
in
and
or
no
their
have
erable
doubt
Time for Plain
less present
many
United
States
to the substance
can
of Internal Revenue:
Europe, on
account of war conditions and who
international
cies, but it is
at
tion"—but
of it all there
temporary permits, numerous
of such permits have
been applied for and granted and
extensions
origin,
"cooperation"
often than "unity"—it
now be called "unity"
often
than
"coopera¬
more
on
to tax aliens
country, issued the
The Bureau has under
especially
they
as
of the United
example, while the
vast majority of such aliens orig¬
inally entered the United States
Washington, through John D.
move
long
so
the shores
For
a
was con¬
called
p s
may
at
the moment in the
pressures
exerted in support of vari¬
a
more
It is
conspicuously in evidence
ous
il
at
visa
or
reached
consideration the question of the tax¬
gains, profits, and other income derived from sources
within the United States
by aliens'4'
*
:—
who have left their
country of subject to tax on their entire in-
a
more
office
passport
States.
ation of capital
stantly thrown up in our faces
great deal of our accumulated by substantial elements in the
wealth, is at stake.
population not without stand¬
This essential
principle of ing in Washington. The phe¬
running
rough
shod
over nomenon is
definitely not of
minorities, when they can not war origin, or at least it did
be beguiled
or
bludgeoned not originate in this war. In
into
joining the majorities, the earlier days it was per¬
has permeated much
Revenue
following notice to Collectors
Germany by
"unity" had
unemployment —
course
Internal
Nunan, Jr., incident to the Treasury Department's
whose income is derived from sources
within this
the attainment of
economic
we
of
In the years
1939,
often told
more
involved.
now
another.
or
Deriving Income From
Sale of Securities, Etc., Within U, S.
.
ghosts
up
evils
a
that
conjured
Today much of
same
again, but
of
women
Thursday, July 26, 1945
within
sources
this
in¬
country,
cluding capital gains.
5.
In
view
said
above,
the Bureau
of
the
are
what
field
has
been
officers
of
requested to take
prompt action and set up the nec¬
procedure for the purpose
essary
of
investigating those cases where
it is evident that the aliens
have
made
gains
from ' dealings
in
stocks, securities, commodities and
similar transactions, to the end
that aliens engaged in trade
or
business within the United
States,
and those who
are
resident
aliens,
be /properly taxed on
capital gains and that only
may
resident
trade
aliens
not
engaged
business
States shall
or
United
such
non¬
in
within
the
be relieved
of taxation in this
respect, as pro¬
vided
by
sections
211(a)
and
211(c) of the Internal Revenue
Code.
r
6.
,
In
,.
connection
amination
of
with
aliens,
the
ex¬
information
should be obtained
regarding (a)
date
of
arrival
in
the
United
States; (b) whether members of
the
alien's
family accompanied
pose which in its nature may be
type of thinking. Case
The fact of the matter
him; (c) type of visa or permit
is, of wise engaged in trade or business promptly
accomplished is a tran¬
of
issued to him;
essentially the course, that "democracy" as in the United States, would not sient; but if his
(d) - reasons for
purpose is of such
be subject to tax on
same
capital gains,
type of action is to limited or
coming to the United States; (e)
exemplified by merely by reason of such trans-1 a nature that an extended stay
whether the alien registered un¬
found in the administrative
rinfiAnc
necGsqarv for its accom„
these concepts of
inc
^
lIcCGSSary lOF ITS altOIu
"coopera¬ actions in commodities, or cf r\r»lr
stocks,, plishment} and t0 that end the der the Selective Service Act; (f)
rulings of the innumerable tion" or
or
securities.
Special attention,
what funds,
"unity" is the very
securities, or other
auen makes his home
temporarily
agencies of government in'
personal property were
negation of what our fore¬ should, however, be given to the;
brought
united States, he becomes
cases of aliens who derive
into
profits
the United
Washington. There is no need fathers
States by the
thought of as "lib¬ from these transactions and who a resident> though it may be his alien
to enumerate them.
or
transferred
to
his ac¬
Indeed a erty" or
intention at all times to return to
"democracy." That claim to be nonresident aliens not
count, or held for his benefit di¬
mere
listing of them would any one could define the word engaged in trade or business with- | bis domicjie abroad when the purj pose ^or wj1jci1 he came has been rectly or indirectly through norni-*
in the United States.
require
much
more
In this connees or
this ' way
space in
otherwise, prior to or after
is
evidence
consummated or abandoned. These
than is here available.
nection it should be pointed out
his arrival; (g) whether he
Most
per¬
provisions of the regulations, it is
enough of the influence of that the term
of this
after
case
.
m
business
and
men,
a
great communistic
or
has
the
ities
dd
their
share
toward
presenting a "united front."
This, practice has, of course,
elections
to
It
even
would
not
were
the
taxable
United
year
specifically
as
orovided^by section 211(b) °^the
It follows,
Code.
therefore,
if any
be
(
that(
of the aliens of this class
nerform
personal services in the
United States at any time during
the taxable year
they would be
held each year
the
the
of
Personal
United States at any time withm,
though bona fide
determine the
thought, will cover many cases of
aliens who, by reasons of condithe performance
tions stemming from the war, have
service
within
the, come to the United
within
States" includes
forever slaves to the
majority.
vaguest if any legal basis, and free
thus
are
business
or
citizens, have ing, not merely
"during the
personally acquainted war years but for a decade or
with the
"pressures" which two prior to that time.
; No
can be
(and often are brought people is free whose minor¬
conform
e
"engaged in trade
fascist think¬
many ordinary
become
upon individuals to
to
"policy" which
or
indentity of
States,
4<
Attention
jast sentence
is
of
invited
section
Regulations 111, which
v
the
to
29.211-2,
states that
ab alien whose stay in the United
states is limited to
riod by
resident
within
a
definite pe-
immigration laws is
of
the'
United
not
a
States
the
meaning of that section, in the absence of exceptional
majorities or even the sary restraints upon the indi¬ circumstances. The
general rule
run riot since we have been
programs of action if these vidual are at opposite poles adopted by the Bureau is that the
no matter who
engaged in war, but it long programs themselves
is the author type of visa issued is only one of
unduly
of the restrictions.
antpdafes our participation in interfered with the
We have
day-to-day
this global conflict—indeed it affairs of the
so often
individual.
It
spoken of Russia as
antedates
the
outbreak
of
is of the
essence
a
of real lib¬
fighting in 1939.
democracy
and
as
"free¬
a
dom
loving" nation that we
erty and true "democracy" as
those earlier years we Americans have understood it appear almost
altogether to
were
required to stand to¬ for a century or two that the have forgotten what suph
gether against a "common. individuals be without un- words mean.
*
In
x
•
enemy/'
i.e.
"injustice," and
,
"depression,"
a
dozen other
i
necessary restraints from any
one.
Democracy and
t
It is essential that
unneces- i from
our
dreams.
....
,
wake
we
-
elements entering into the classi¬
fication of the alien
or
nonresident.
there
will
the
are
many
come
cumstances1'
that
many
of
a
resident
It is believed that
cases
under
absence
as
now
which
the
phrase "in
exceptional cir¬
because
of
the
fact
visitors' permits,
visas, were issued
or
temporary
to
aliens who desirbd merely to get
out of the war-torn country un¬
der any
conditions and under
any
formed
personal services or en¬
gaged in any other business activ¬
ities within the United
States; (h)
complete disclosure as to capital
gains from dealings in securities
or
commodities; (i) whether he
owns
any real estate in the United
States in his own name or in
the*
of
name
a
entered
nominee; (j) if the alien
United States on a
the
temporary
times
permit,
has it
been
how
many
renewed;
and
(k)
has the alien applied for or<
been granted an
immigration visa
otherwise declared his desire
intention to reside in the
United
States.
••
or
or
•
7.
I.T.
3386
holding that
country
States
had
time
war
dent
a
who
on
a
been
•
(C.B.
1940-1, 66)
subject of
entered
United
temporary visa
renewed
during
from
alien is
modified
a
which
time
continuance
has the status of
with the
foreign
a
the
of
to
the
nonresi¬
to
accord
foregoing principles.
JOSEPH D. NUNAN.
Jr.,
Commissioner.
^Wf
Number 4406
^Volume 162
I
,i
llili
-l||f;|lo Provide for Veterans Families
legislation recently signed by
lalisnal
Approve War lioissing Law Changes
families of returning veterans and families of men still
in the armed services, and promises additional relief as needs of
war workers are met in the future, National Housing Administrator
John B. Blandford, Jr., explained on June 29.
amendment,"
Lanham
"The
stated, "applies only to
'
ilies
supply.
While the greater portion of our
Federally-owned
war
housing
the
•
must continue to serve
of
and
veterans
workers in
servicemen
civilian
J ,;,.
"Obviously,
.legislation
to
been
other
in
have been met, he
this
in
Discretion
said.
matter
placed with the Regional
has been
now
war
as
soon
as
areas
occupy
the
the
the purpose of
is to help meet
Redaction Planned in
distressed families of
veterans and servicemen and the
Food Subsidies
National Housing
Agency will be directed toward
that goal.
First attention must be
1 paid to the most serious cases."
The FHA advices state:
of
efforts
;
the
A
instructions on
provisions of the
"Temporary
carrying out the
'new
as
issued by
KlutzPublic
Philip M.
the t Federal
Commissioner
of
;
according to Associated
from Washington,
July 14, which added that the ob¬
jective was to ease adjustment of
farm prices to post-war conditions
Press
Title V of the Lanham
(Act) already have been
nick
approximately $1,-
of
year
(Public Act 87, leaders,
amendment
?> known
plan which would result in
500,000,000 by increasing prices of
foods to replace subsidies is being
worked
out
by Administration
.
reports
Government
reduce
Authority to all managers of housing affected by the
act.
More
detailed
procedures
will follow.
Commissioner Klutz-
and
explained that the new polall Federally-owned
housing under the NHA built with
•
nick
icies apply to
•
•
■
war
it
"ex¬
housing appropriations,
those cases where housing
projects or parts of projects are
programmed and designated ex-
cept
for
slusively
of a
workers
war
specific industry or installation or
'.employees or military personnel
of the Army and Navy.
v
>^amiliesY ot
housing
the
after
eligible* only
been
have
heretofore
veterans
civilian war
workers have been met. Hereafter
in cases of distress such families
will be equally eligible with inmigrant war workers.
r .
"The instructions define a dis¬
tressed family of a serviceman or
veteran as "any such family without housing, either by reason of
eviction or inability to find in the
area housing within
its financial
means. v This includes the return¬
ing
veteran
who
because
of
housing shortage is unable to find
a
dwelling in which he can re¬
needs for in-migrant
■
'
.
Families of
include
deceased servicemen
establish his family.
servicemen
of
families
and
and veterans
veterans."
"We're
with
the
-
>
:
particularly
concerned
suf¬
families who have
fered from evictions
and who can¬
prices necessary to obtain
not pay
to
ex¬
penditures.
From the Associated
Press we quote:
The
subsidies
involved
are
on
the
important food items while at
same time providing greater
farm
for
incentive
production;
and the so-called "roll-back" sub¬
sidies set up in 1943 when
of
foods
some
were
prices
reduced 10%.
Anderson is leading
inter-agency discussions on the
plan.
Friends say he believes it
could be accomplished by an up¬
ward
adjustment
in
industrial
wages, now controlled under the
"Little Steel"
formula, without
Secretary
adding
inflationary
new
any
threat.
The contention that increases in
and prices would not be
inflationary is based upon the
wages
bring on
the war with
next year and
deflationary factors in¬
cident to
industrial reconversion.
assumption
Japan will
that
end
subsidies
the
of
Elimination
would increase the
country's total
food bill about 5%, Agriculture
Department economists estimate
Consumers are buying food at the
rate
of about
$30,000,000,000
year.
,• /
Food items
clude
and
the established. rents in the
projects may obtain adjustments
within prescribed limitations in
which the Gov¬
on
is
dairj
manufactured
most
products,
bread
<
paying subsidies in¬
meats, butter, fluid milk
ernment
private rental housing," said Mr.
Blandford.
"Families unable to
.
flour
and
indirectly
and,
products
vegetables
sugar,
pay
line with their income to
prevent
bakery
and
canned Y fruits
dry beans, peanut butter,
lard and soy-bean products
Supporting the subsidy aban¬
donment idea are several major
hardship, as provided in the Lan¬
farm
ham Act.";
bloc in Congress.
Specifically, says the FHA, the
amendment
authorizes
Lanham
/ "1, Cooperate with communities
making available all possible
and
organizations
a
strong
Back of the pressure to wipe out
the subsidies is concern over post¬
agricultural
Anderson
and
prices.
many
Mr
farmers ex¬
commun-
pect farm prices to go down after
the" abnormal war market fades
housing sunp]y to veterans
and servicemen's families in 'dis¬
They also expect a public demanc
for
curtailment in
Government
tress.'
expenditures.
in
accommodations in the
ity
•
"2.
Make
available
Federally-
such fam¬
'owned war housing to
"3.
Move Vacant temporary war
housing
needed
■
•
•
•
;
erect
to
for
new
places
such
where
it
is
families; " and
temporary
Federally-?.
owned housing if necessary,
when
v
Mr.
fects
if and
funds for such purpose are
made
available.
No
funds
are
currently available for such pur¬
poses."
Mr. Blandford
pointed out that
;
Anderson
on
harmful
ilies.
-
adequate—military research
in peacetime. It is essential that
the civilian scientists continue in
of promoting a
for scientific re¬
Scientific
and
cations
the
Collabora¬
believes
the ef¬
agriculture will be less
if
the
subsidies are
re^
high and
the demand is good rather than
later when prices have declined
Under the subsidy program, the
actual
prices
(or T returns)
re¬
ceived by farmers are hidden, so
to speak, from the consumer. The
consumer
pays only part of the
price on the subsidized
items.
moved while
prices
are
The Government pays the rest.
Dr. Bush said that an
adequate
for
Federal financial
support of basic research and sci¬
entific education, as proposed in
his report, would cost about $33,000,000 at the outset and. might,
rise gradually thereafter.
Dr. Bush, in urging immediate
legislative action to create the Na*
tional Research Foundation, said:
action
"Early
mendations
these
on
is
.r:;.K
Europe
as
scientific
research.
Moreover, we
depend upon ,
a major source of this
capital.
Clearly, more,
and better research is
to
tial
go
around
post-war
must be
our
Theirs is
knowledge to turn the wheels of
private and public enterprise."
Bush
Dr.
his
prepared
mendations
on
t
But on the score of the stability
of the world, our friends and they
scientific
new
state.
escape that totalitarian
include men who have been very
close to the San Francisco conferThere ence, can offer nothing tangible.
of
employment.
stream of
a
?rybody agrees that foreign
necessary if we are to
?n(\
essen-
one
achievement
our
of full
goal
recom¬
imperative
scientific
is scientific capital.
cannot any longer
program
recom¬
the basis of reports
hope.
a
,
.
,
of them, for
example, as to whether ^ Yugo¬
slavia
should
act
up
against
it
Put
to
up
Greence—and
one
don't
we
to
mean
if this made to him by four committees: pick on these two countries-—
of Medical Advisory Committee, Dr. whether the pact which has been
ahead. W. W, Palmer, chairman. Bard arrived at, could prevent war.
nation is to meet the challenge
science in the crucial years
the
On
which
with
wisdom
of Medicine, Columbia The consensus is that it could not
University, New York City, and unless Britain and Russia were
we
Professor
bring science to bear in the war
against disease, in the creation of
director of medical
service of the
determined that it should.1:
vitally in¬
fracas
between
Presbyterian Hospital, New York;
strengthening of our armed forces
depends, in a large measure, our
Science and Public Welfare Com¬
terested
mittee, Dr. Isaiah Bowman, Chair-
Yugoslavia
and
industries
;
future
as
in
nation."
a
In part the
President of Johns Hopkins
man,
These
two countries would be
the
new
in
a
and
G r e'e c e t and
Russia, to date,
certainly, shows
University, Baltimore; Committee that she is not within the spirit of
on Discovery and Development of (the pact.
Scientific Talent, Dr. Henry Allen
There is
another thing quite
Moe, Chairman, secretary general important to our would-be in¬
of the John Simon Guggenheim vestors in Europe.
Any stability
Memorial Foundation, New York in
Europe is likely to be a Com¬
advices in the mat¬
ter state:
report recommended
a
provide 24,000 under¬
graduate
scholarships and
900
graduate fellowships, which
"The
program to
would cost the Government about
City; and Committee
$30,000,000 annually when in full
operation.
Each year under this
p r o g r a m
6,000 undergraduate
scholarships would be made avail¬
able to high school graduates, and
300 fellowships would be extended
tion of Scientific Information, Dr.
Irvin Stewart, Chairman* Execu¬
that offer a fertile field of
tive
the
to
be
scientific
time- of
in
or
Tax
other
Ohio),
Dr.
taxes
let
Government pro¬
private
industry in conducting research,
and urged, modification of ceratin
the
both
of
the
On
"The
*'
should
helo
its research
to
industries which do not
new.
The
United
in the
to
scientific
war
now
States
was
util¬
t
control of the
To
sum
we
are
up,
the men with whbm
and they
to know,
been talking,
in a position
have
men
re¬
July 16, and he added
en¬
going to have to pay."
specific;
maintain the progress in med¬
4,r
on
Senator
discussed
_,j
after
production
full swing again and business
are
icine that has marked the last 25
1
economy
especially small-plant own¬
ers and those who
plan to build
new
facilities, ought to know in
advance what sort of taxes they
Dr. Bush said that
'
civilian
men,
knowledge."
also
to
moving back towards
government.
is
Mexico,
the
foreign, or the world trade out¬
in anv such fashion.
They
look
are
decidedly pessimistic- aboUt
mind,
subiect
study.
Taft
said
revenue
he
There is
no
in
proposals
but that he believes the
should have immediate
•" ""v •-
through so
dence
of
the
smoothly is'not- evi¬
its
effectiveness.1 it is
of lack of
really more of a case
interest
have
;an>j2fWful
about
pact before pi any
The fact that it is sailing
Francisco
in
been
it.
Herculean;
made to
The
obviously failed.
American people,
according to the
polls, are for it 9
because
Efforts
dramatize it.
they
are
to 1.- That is
for anything
purporting* to insure
peace," ^
u
)
■
San
likely to be
disillusionment
of
They have
had
v
it,
indeed.
moons.
in
against disease in the
report.
what
know
men
"But 1947 should see
the
cause
1947, and thus
lot
to prevent
benefits of basic research to reach
ize
ought to pre¬
reducing
now
in
a long Leftist run.
Oh our
continent,
the
pro-Com¬
munist labor leader Toledano, in
own
further said:
the patent system
abuses which re¬
flect discredit upon a basically
sound system.
In addition, ways
strengthening
found
The recent elec¬
in for
(R.¬
he
gaged in getting back to civilian
production
and they won't be
making much money anyway." He
penditures
as
current
charges
against
net
income,
and
by
be
that
"most businesses then will be
regard to the deductibility of
and
development
ex¬
should
business
ing said
research
so ,as
Taft
ported the Ohio Senator as hav¬
ties in the Internal Revenue Code
in
as
that it is moving
sharply to the left.
Australia is
Associated Press, Washington, re¬
projects
by clarifying present uncertain¬
industry in
are being
destroyed or divided
they were in Russia.;
up;
contemplate our own domestic
conversion
to
peacetime manu¬ post-war possibilities; that is', the
facture.
"I don't think it makes opportunities for monejt mdking
and
employment here at home,
so
much difference whether -tax
with optimism.
They do not {view
reductions are made in 1946," the
Internal
he said:
this point,
Government
effective
of the
Revenue Code and the patent sys¬
tem.
moving to power,
holdings
Take Britain.
expect in a period which he be¬
lieves will see the first real surge
vide suitable incentives to
provisions
A.
reporters
pare
stressed the necessity
Bush
having
Robert
told
thought Congress
legislation
national
emergency."
of
are
property
just
up
1947 Business
on
Senator
technical work
or
war
the
tions may show
Government service in connection
with
Communists
Tafl Favors Gut in
into
to
can
divided
and
call
subject
of
Office
the
a
Reserve
Science.
National
would
constitute
would
of
Does
Ameri¬
investment?
In Poland, in
other countries in which the
munist dominated stability.
ment.
and
scholarships
such
receive
fellowships
Secretary
Publica¬
on
Scientific Research and Develop¬
Those' who
college graduates.
■
»,
would
capital
rv.-V
,
such handling of
world as this, that
our
friends have been besieged
by potential venture capitalists as
to whether they thought the San
is
It
portion of those
some
Basic
search.
tion."
>
war
the NHA to:
t
more
they made so effectively
Research and Development, in a during the war. This can best be Francisco conference would really
report that he submitted on July done through a civilian-controlled bring about stability in the world.
18 to the White House. The report organization
with close liaison Naturally our men of finance
is titled "Science — The Endless with the Army
and Navy, but don't want to go off and invest in
Frontier".
with funds direct from Congress, Yugoslavia if that country and
The report, prepared at the re¬ and the clear power to initiate
Greece, or that country and Italy
quest last November of President military research which will sup¬ are likely soon to be in a war.
Roosevelt, recommended:
plement and strengthen that car¬ They have before them the ex¬
"(1) That the Foundation be ried on directly under the control perience of the General Motors
formed to develop scientific re¬ of the Army and Navy,"
and
Ford
plants
in Germany
The
OSRD
director
discussed which the Russians are moving
search, financially support basic
research in non-profit organiza¬ the
relationship between scien-*) bodily to Russia.
Similarly, on
tions, encourage scientific talent tific advancement and employ¬ this continent, if there are to con¬
in American
youth by offering ment. On this point, he said:
tinue to be revolutions and dis¬
"One of our hopes is that after orders in Latin-American coun¬
scholarships and fellowships and
the war there will be full employ¬
promote long-range research on
tries, their investment risks are
military matters.
.
.
'V • ment. To reach that goal the full multiplied.; Everybody s ee m.s
"(2) That the Foundation con¬ creative and productive energies burned over our experiences of the
sist of nine members to be se¬ of the American people must be
twenties, when American venture
lected by the President and be released. To create more jobs we
capitalists were browbeating ^and
responsible to him. They shall must make new and better and bribing Latin-American dictators
serve
four
years
and
without cheaper products. We want plenty to borrow money, out of which no
ot' new, vigorous enterprises. But
compensation.
good ever came.
'
"(3) That the Foundation have new products and processes are
This
investment
in
foreign
the following five divisions: Med¬ not born full-grown.
They are countries in
order that they can
ical Research, Natural Sciences, founded on new principles and
buy from us, seems to be the for¬
National Defense, Scientific Per¬ new conceptions, which in turn
eign trade which is contemplated,
sonnel and Education, and Publi¬ result
from
basic scientific re-
largely those which the Govern¬
ment established to prevent in¬
creases in consumer ceiling prices
Housing
venture
down there.
.
increased costs to food consumers
next
set-up it is assumed Amer¬
a
ican
and
—
which
communities where it
many
worker needs
of
needs
more
contributions to national security
eligibility as
workers
war
be
must
(Continued from first page)
such
say:
peacetime
Representatives of the Adminis¬
trator,v who
will resurvey the
situation periodically with com¬
such housing as is vacant and that
munities, war industry manage¬
which becomes vacant, except for
ment
and
labor, and the War
projects exclusively reserved for
urgent
war
production needs. Manpower Commission." *■£/<-.
will have the same
,
policy
"There
Congress
by
this to
Bush had
director of the Office of Scientific
for
eligible
possible to relax occu¬
pancy restrictions.
This type of
housing will be made available
occupied—distressed families
92%
Concerning the importance of
military research in peacetime,
Dr.
Washington
Ahead Of The flews
universities;
in
and
From
medical
proposed, by Dr. Vannevar Bush,
fam¬
servicemen's
and
already v are
has
strategic
war
industries — and
family accommodations are now
■
purpose
national
privately financed war housing in
housing
over-all
schools
should
,
to basic
search and scientific education is
veterans'
Federally-
the
for
financial support
research in the
medical
National Re¬
a
Foundation
search
he*
owned war housing, which is lim-r
ited in quantity in comparison to
the
Establishment of
the
extend
Proposed by Dr. Bush
tress among
Government
years,
Policy for§ ;Mi
Research, Education
amendment to war housing
the President will make it possible to take care of some cases of dis¬
The
;
V<tsK,i«fflJJ'ftUtfal^Wr«fH ifVj?'
W^W*W«WiWtfWwiWftwtvWilkAMSWftWsJ
FINANCIAL CHRONICLE
THE COMMERCIAL &
t
'i i
z
>
t
i:\
THE COMMERCIAL
.438
To
& FINANCIAL CHRONICLE
of prominent American
citizens put their signatures to a
plea to President Truman to use
was
the
Roosevelt
economic
of the United States in sup¬
diplomatic
power
of
port
and
five-point program
a
to
out the Yalta agreement of
carry
"free, unfettered elections" in Po¬
land, according to an account ap¬
pearing in the New York "Times"
on July 19, which continued:
Herbert
President
"Former
Hoover, Alfred M. Landon, former
Governor of Kansas; John Dewey,
agreement,
itself described
in
as
respects
some
a
House
Four
members
of the United Nations
said.
Rehabilitation
"
Tf
Russia
in
succeeds
impos¬
ing her will to this extent, despite
the Yalta agreement, she will be
encouraged to apply the same im¬
perialistic methods to all central
Europe
with
East,
Far
the
and
ultimate disaster to
us
ber to investigate
Buell, former
"The memorial said its signers
Chairman of the Foreign Policy were 'opposed to war with Rus¬
Association; the Rev. Robert I. sia/ and that they had profound
Gannon, President of Fordham respect for the Russian people
University;
the
Rev. John
La and for the military achievements
Farge, editor of "America"; Su¬ of its army.
zanne LaFollette, author and edi¬
'Though Russia is a totali¬
tor; John Chamberlain and Ben¬ tarian
State, there will be no war,
jamin
Stolberg,
writers,
and
provided the leading democracies
George Creel were among the* of the world are
firm, united and
relief activities
"Warning that 'a policy of one¬
sided appeasement of totalitarian¬
ism can lead only to disillusion¬
ment, frustration and grave peril
the American
to
said
morial
people/ the
Polish
the
me¬
question
not yet been settled.
had
"It charged that
the
the
of
Lublin
'But
regime
and
if
foreign
policy of weakness, hesitation and
immoral compromise, despite our
overwhelming power and prestige,
then
of
Polish
new
Government consisted of 17 hold¬
overs
just,
in
deeds
as
well as in
words,' the memorial continued.
they
a
fear for the future peace
we
the
continue
world
for
and
democracy
at home.'
"The memorial charged that the
16 Polish leaders arrested by the
only three from the London group,
none of whom was 'a member of
Russians
the Polish Government which was
Red Army by a guarantee of safe
conduct
from
the Soviet
High
ally throughout the war.'
our
"
'By
tion
no
stretch of the imagina¬
this be called
can
fulfillment
OWI
honest
the
of
even
an
Yalta
the
result of
a
for the Office
the agency is
to abolish its foreign news bureau,
which supplies the American press
with news from foreign broad¬
casts, principally Japanese. In an¬
nouncing the plan, Neil Dalton,
domestic opera¬
tions, stated on July 16, according
to Associated "Press advices from
Washington
on
that date, that he
estimated
it
saving
approximately
a
of
It
year.
was
in
result
would
a
$70,000
Gordon, bureau di¬
rector,
has
notified
employees
that it will be abolished thirty
days after the twenty-four em¬
ployees
have
received
formal
notification. The twenty-four em¬
ployees include about a dozen
"
Mr. Dalton said
s,
discussions
'
are
■under way with the Federal Com¬
munications
It compared their
Commission
the
trial
with the 'purge' trials of 1937 and
1938."
to
Com Govt. Silver
President
Truman
have
agreed
that 300,000,000 ounces of the idle
government silver shall be used
for
In effect, said Asso¬
money.
ciated Press accounts from Wash¬
ington, this "monetization"
the
Treasury
000
in
silver
to
means
issue $387,000,-
can
Joint
Congressional Economy
Committee that the United States
72%
paying
was
of the
and that 35
costs
countries
ciated
asso¬
alleged to
falling down in their commit¬
be
ments.
According
ciated
Press
the
the
to
Asso¬
committee
fulfilling
their
contribute
1%
obligations
of
their
income
to UNRRA.
It also heard
that the United States and Canada
filling most of the food re¬
quirements of war-stricken coun¬
The
press
advices went ort
it
.stated.
was
Mr. Byrd released figures show¬
ing that through June 30 the
United States had supplied all the
lard, margarine, soy bean prod¬
.
ucts, milk and eggs distributed by
UNRRA, and had shared with
Canada the meat contributions.
Canada
supplied
19,983,194
States provided
of canned
went
in two
"1.
the
would
have
money
interest,
to
be
were
which
paid if
obtained
the
interest
of
canned
"meat
lunch"
11,709,917 pounds of fat, cuts.
pounds
702,-
meat
and
292,751 pounds of liverspread.
Mr.
ac¬
put $246,000,000
Treasury as "seignior¬
age."
tual monitoring of foreign broad¬
casts is conducted by FCC.
The
OWI
and
foreign
news
distributes
bureau digests
the
broadcasts.
tary
Pay FHLB Debs.
Announcement
July
on
10 by Everett Smith, fiscal
agent of the Federal Home Loan
Banjts,
dated
that
$50,000,000
Debentures
of
Consoli¬
the
Federal
Home Loan Banks would be paid
in full at maturity July 16.
The
announcement added:
"Although part will be arranged
for,through a short t^rm issue to
October
mature
will be
15, 1945, there
public refunding. This
15th maturity then will
no
October
-be
the
"free
This
use.
cents
silver"
an
pnly indebtedness of the
in
silver
an
Hendrickson
said,
mean¬
tutions of the Federal Home Loan
Bank System for financing homes
or
other
purposes
will
result
in
substantial public financing in the
future.
"The
existing list of subscribing
dealers and dealer banks will
be
maintained and notices of coming
offerings will be sent
past,"
as
in
the
amounted
June
military
stocks
next six months for
during
in
use
the
Europe.
to
announced
July 18 the election
on
W. Woodruff and Stu¬
of Robert
art M. Crocker
Trust
as
directors of the
Company.
Woodruff,
Mr.
Chairman of the Executive
mittee of the Coca-Cola
Com¬
Company,
educated at the Georgia Mili¬
was
tary Academy and Emory Univer¬
sity. Successively connected with
the General Fire
Extinguisher Co.,
Coal
Corp., he
joined White Motor Co., later be¬
Atlantic
Ice
&
President
Mr. Woodruff
pany.
the
1923
com¬
President
was
Coca-Cola
to
been
that
of
Company from
Chairman of the
1939,
1939 to
Chairman
of
1942, and has
the
a
Executive
Mr. Wood¬
director of the Coca-Cola
undertake the
Company and subsidiaries, Conti¬
nental
Gin
Co.
(Birmingham),
Trust Company of Georgia (At¬
lanta), and National Foundation
for
The
Congressmen
named
to
European investigat¬
Representatives
King
are
of
average
ounce.
To
(D.-Cal.), Robertson (R.-N. Dak.)
D'Alesandro (D.-Md.) and Hagen
(R.-Minn.).
ined
by Italy
47
metal
stock
to $1.29 an
is the lawful
up
since that
price of monetary silver.
"At 47 cents
an ounce
300,000,originally cost the gov¬
ernment
$141,000,000.
If
this
much silver were
monetized, its
value would leap to
$387,000,000.
The difference in value, or
"prof¬
it" to
the
Treasury, would be
$246,000,000.
This
is
called
ounces
"seigniorage."
"Senator
Murdock
Infantile
trustee
July 14 to the New York "Times':
said:
Japan
meeting:
on
After notification had been
given
and
States, Britain, Russia and China
and
France,
the announcement
was made tonight.
became
was
more
a
and
sudden
than unexpected.
In perhaps the
most dramatic way open to this
utilities
After
fields.
receiving the bachelor of science
degree in 1920.
He began his
business career with Radio Corpo¬
ration
step
is
serving with the Navy's North Sea
Mine Fleet in World War I, he
completed his studies at Harvard,
to the Governments of the United
"The
he
Crocker, President of Co¬
lumbia Gas & Electric Corp., has
long been identified with the elec¬
from Rome
"Italy declared war
at
yesterday's cabinet
Paralysis;
Emory University
Martha Berry School, of Georgia,
During World War I, he served
as Captain and
Major, Ordnance
Dept., United States Army.
trical
message
of
of
America.
assistant
In
he
1922
Owen
to
RCA
and
and
General
following
Co.,
appointments
Vice-President
United
Electric
and
Electric
as
Treasurer
Securities
of
Com¬
Vice-President of Interna¬
nation, it will serve to bring home
Big Three, particularly the
British and Americans, Italy's de¬
Vice-President of General Electric
issuance of "credit
money."
termination
Co., he
Finland
all
issuance
would
of
be
less
silver
also
said
certificates
inflationary
than
July
following
18
"Sun:"
is
from
which she
"The
from
the
London
New
York
"Exchange Telegraph
re¬
ported from Helsinki, that Finland
pay Russia
a
war
damage
will
assessment
to
do
all
she
can
in
the final stage of the war against
that remains of the Axis, of
to
Pay
Russia Damages
The
to the
of
$50,000,000 in gold
during the year beginning Sep¬
tember, 1945, under terms of an
agreement signed today."
word
was
once
statement
of the
a
proof
of
declaration said that
alism
her
will
to
fight
aggression and
wherever
they
tional
General
Electric
Co.,
and
elected President of
was
Columbia Gas & Electric Corp. in
1943.
Pittsburgh;
and
Economist, Irving Trust Company;
from April,
1942, to December,
1944, he was part-time Consulting
Expert
in
the
United
States
Treasury Department.
com¬
give
the
imperi¬
challenge
the United
Nations, even if geo¬
graphically Italy's interests were
not directly involved.
meeting of the Board of
a
Directors of the Bank of the Man¬
hattan
July
Company of New York on
19,Murray
Shields
was
elected
a
Shields
duties
mist
Vice-President.
will
Sept.
for
the
assume
1,
acting
bank.
his
as
Mr.
of
E. Chester Gersten,
President of
the Public National Bank & Trust
Co. of New York,
that
appoint¬
ed Assistant Manager of the For¬
eign Department.
Mr. Macguire
announces
Samuel C. Macguire was
National
Public
the
to
comes
Bank after
having been for many
years identified with the foreign
departments of the Chase National
Bank and the Guaranty Trust
Co*
m
The Board of Governors of the
Federal
Reserve
that
nounces
System
the
an¬
Trust
Merrill
Company of Bangor, Me., a State
member, absorbed on July 2 the
National
Bank
of
Calais,
Calais,
In connection with the ab-
Me.
scorption
branch
a
lished at
esiab*
was
Calais.
With the absorption Jiily 2 by
Norfolk County Trust Com-
the
of Brookline, Mass. (a State
pany
member
of
the
Federal
Mr,
new
Trust at Norwood.
Admission
Federal
Re-*
banks in
tered
a
the
to
System of two state char¬
serve
Indiana, Pa., with*
capitalization of $475,000
total
and total
deposits of $14,500,000 is
by President Ray M,
Gidney of the Federal Reserve
Bank of Cleveland, - This brings
announced
715
to
the
number
banks in the
serve
banks
of
member
Fourth Federal Re¬
District.v The new member
are
the Savings & Trust
Company of Indiana, Pi.; organ-)
ized
in
1902
capital
Bank
of
and
ana,
Pa.,
with
with
a
present
$250,000, and Farmers
& Trust
Company of Indi¬
a
organized
in
1876
and
present capital of $225,000*
other banks, they serve ars
With
agricultural and coal mining area
with an estimated population of
50,000. The Savings & Trust Com¬
pany of Indiana has deposits of
$8,760,000.; Its officers
Lewis,
President;
S.
are:
E.
Shields,
E*
M.
Jack,
Vice-President, H.
T.
RankingTreasurer; Robert E. Lewis, Sec—,
retary and Trust Officer; Roy S.¬
Stephens, Assistant Treasurer, an<3
Myrtle C. McQuown* Assistant
Secretary.
::
■
Farmers
Bank
&
y
.
Trust
Com¬
of Indiana, Pa., has deposits
$5,740,000.
Its officers are;
pany
of
William
James
John
A.
Simpson, President;
Mack, Vice-President j
St.
Clair,
Secretary^
W.
G.
Treasurer
and
Trust Officer; JV
Anthony Graff, Assistant Secre¬
tary
and
Treasurer, and Miss
Buela
M.
Brown, Assistant, Trust
Officer.
y
Admission of the Midland Bank*
Midland,
the
Pa.,
Federal
to
membership iri
Reserve
System was'
July 21 by Ray MV
Gidney, President of the Federal
announce
on
Reserve Bank of Cleveland.
Mem-banks in the Fourth (Cleve¬
ber
land) District
Midland
population
the
steel
1913
of
mill
four
which
in
and
near
city
on
the
Ohio
from
the
Ohio
was
the
The
serves
8,500
miles
line,
as
total 715.
now
Bank,
incorporated
Midland
Trust
Savings
ira
8c
Company.
Its name was
changed to. Midland Bank in 1935*The present capital is
$100,000*''
President
Moorhead.
econo¬
following his graduation, occupied
the following positions: Assistant
m
Reserve
System) of the Norwood Trust
Company of Norwood, Mass., also
a State
member, a branch was es¬
tablished by the Norfolk
Count#
State
At
Research,
Business
University
River
part.
accompanying
plainly Italy, her liberation
plete, wished above all to
forces of
pany,
of
Bureau
D.
Young, Chairman of the Board of
jH
*.r
Tanners Council of America;
Mr.
"monetize"
A wireless
Bureau,
As¬
sistant to President, United States
Leather Co.;
Assistant Director,
Survey
Trade
rector,
anty Trust Company of New York,
plus
the
twelve District Banks.
"It is contemplated that renew¬
ed demand by the member insti¬
banks
of
that it
cost
of this silver would instantly
bring the value of that portion of
000
of
as
Companies
Economist, the Procter & Gam-*
ble •
Co.;
Economic-Statistician*
Goodyear Tire & Rubber Co.; Di¬
to
hand and due from
on
Board from
any
ounce,
made
was
is
government
the
Cash
coming
has not been committed for mone¬
be
to
1945.
while, that UNRRA hoped to buy
$65,000,000 of United States sur¬
would
the
doybtedly would
The
of New
30th
deposits of $52,936,691 and
total resources of $54,751,822, com¬
pared with $46,148,125 and $47,954,128, respectively, on March 20,
reported
total
ion
year.)
a
"2. It
which
form.
Colonial Trust Company
York,
ruff is
by that:
The Treasury now has
694,212,000 ounces of silver bullion
continue
$1,322,988.
were
supplies, clothing, blankets, trans¬
portation equipment and engin¬
eering stores.
$7,740,-
He said he thought the news unsome
ernment obligations to
Committee since 1939.
at
from
from
He said he chiefly wanted medical
"Here's what the Senator meant
in
$36,566,059,
by
see
available
to
Murdock
(Senator
estimated this
into
save
and
say:
ways:
For
$387,000,000
borrowing.
000
to
on
increased
:
624
Associated Press
1945.
31,
hand and due from banks
$11,375,922,
to say:
against $11,380,167; holdings of
Senator Byrd, Democrat, of Vir¬ United States Government obliga¬
ginia, Committee Chairman, said tions to $26,466,470, against $27,after
hearing the testimony o£ 808,543; and loans and bills pur¬
Roy Hendrickson, acting UNRRA chased to $16,452,853, against $8,head, that he had asked the 412,051. Capital, surplus and un¬
agency to report on whether it divided
profits
were
increased
was relieving
temporary distress, from $1,651,841 to $1,689,001.
or
attempting to raise pre-war
European living standards. Tem¬
The Chartered Bank of India,
porary relief was its function, not Australia &
China, at 65 Broad¬
the boosting of living standards,
way, New York 6, has announced
he said.
the reopening on July 23 of its
The 9 countries meeting their Manila
Branch, which was estab¬
obligations
were
the
United lished in 1873.
States, Australia/ Canada, Great
Britain,
Brazil,
New
Zealand!
"Eugene W. Stetson, Chairman
Costa Rica, Panama and
Iceland, of the Board of Directors of Guar¬
The United
The
to
national
are
tries.
on
was
told that only nine countries were
dock told reporters the action will
what arrangements can be worked
out for distributing foreign news.
.
UNRRA
of the 44
were
pounds
money
March
on
$35,072,409; holdings of U. S. Gov¬
$69,042,973,
$64,995,210; loans and dis¬
counts to $74,696,322, from $54,825,574.
Capital was unchanged
at
$4,000,000; and surplus rose
from $4,500,000 to $5,000,000. Un¬
divided
profits were $1,030,888,
against $1,408,770 at the end of
the first quarter. General reserves
ington, July 19, adding that the
investigation
was
initiated
be¬
cause of reports which convinced
certificates, holding
"help the prestige of silver
throughout
the
world."
$174,600,879
United Press reported from Wash¬
the 300,000,000 ounces as backing
for this currency.
Senfator Mur¬
"He said also it would
added:
Matthew
editors.
to
Murdock, (Democrat),
Utah, advised the Senate on
July 16 that the Treasury and
Congress cutting
OWI
known
to
of
appropriation
of
Command.
induced
Senator
of War Information,
director
themselves
Plan
Foreign Bureau
To Be OisoofitMod
As
make
been
had
in
Company of New York reported
as of June 30, 1945, total deposits
$188,156,812 and total assets of
$201,029,292,
compared,
respec¬
tively,
with
$162,679,318
and
of
Cash
"
signers.
Relief and
Administration
Continental Bank & Trust
Greece, Italy, France and Ger¬
many, and possibly elsewhere, the
the
all.'
to
are
leave for Europe early in Septem¬
disappointing compromise on the
Polish
question/
the memorial
Leslie
Raymond
The
s
agreement which
by President
an
Items About Banks> Tins!
Investigate II
A group
194^
Thursday, July 26,
of
the bank is F. G*:
L. L. Hunter and G.
I.
Mclntyre
are
Frank
Potts
M.
(Continued
Vice-Presidents*;
is
on
Cashier
page
448)
and
H
I
levels because of
below pre-war
Till Watiftair -SaSespwslp
NY State Leading Record of 'E' Bond Sates
Final Report on
large, military requirements.
rus juices, however, will be
tiful.
There will be a big
V
crop
a
Other
,
$465,014,000
1,137,000,000
168.7
$1,602,000,000
141.3
2,825,000,000
5,624,000,000
199.1
$7,226,200,000
.674,000,000
—
individuals
_J„
$1,134,000,000
savings
banks, insurance
companies and other non-individuals—
Corporations,
'
RRY Aggregate
has
all
War
of
with
champion
drives," Mr.
in announcing the final
"This
•
Gehle said
the
been
army of volunteers throughout the
State."
R Mr. Gehle said that the record
was
Massachusetts
California
_■
of
—
quotas
'
199/'-V: 4:
1,419,000,000
_
;
Jersey
changes that followed V-E
Day, and against the influence of
cutbacks in industry and of grow¬
tary
ing unemployment.
Nevertheless
a
final rush of sales put the E-
i,ai8,ooo,ooo
212
z
Achieved
"E" Bonds
New York
„
California
—
Texas
.w,
New Jersey
-i
____
Massachusetts
to New
York one of the greatest financial
triumphs in its history."
In a message congratulating the
RR
people,
expect more
supply."
properly belong in the field of
private investment.
The private
capitalist, small and large, would
welcome the opportunity to in-'
vest abroad, if the law afforded
brings
defaulted
almost
announced
private
a
to book.
rower
International Bank is not
An
a
honesty.
national
for
substitute
An
even
like Honduras and Peru borrowed
and
which*
corporate bor¬
him the same legal process
countries
Several
freely.
which
commitments
dertakes
recklessly.
its default
inter-government guarantee is
for governmental
integrity. However, such a bank"
and such guarantees can surely
not a surrogate
international
accelerate
recon-!
if
development,
and
struction
prospective government borrowers
must agree, as a condition of the
14 times since 1820.
The French attempted to bring loan, to abide by the decisions of
an International Bankruptcy Court
defaulting foreign debtors before
Columbia
French
Pro¬
but failed.
court
in case of default.
posals for an international court
for defaulting foreign debtors date
back about 70 years.
In-1875, an
Settling
for
Court
International
Disputes Due to Bankruptcy was
discussed at the Congress for the
Reform of International Law. The
International Statistical Institute
iri
the
1890's ; investigated
the
question
made
of
foreign
recommendation
The First Hague
1899
Conference in
with the question
grappled
default
international
of
overcome
If the Boards of the Fund
ment.
the
and
>
and the Bank can be
by top-notch manage-"
Fund
tary
:
both the Mone¬
defects in
Bank
of
composed
are
practical men with experience in'
private international banking or
in central banking, the defects in
method can be cured.
This a job,'
not for well-meaning novices, but
for critical professionals.
The Bretton Woods legislation
should be amended. Or, the Board
of the Bank could require that de-Y
,
prevent further defaults.
to
Truman on July 17
a
1798 alien-enemy
default
of
loans .and
The
faults
loans
on
be
must
but
adjudi¬
cated by an International Bank-'
the trite
r,uptcy .-Court—a division of the
reservations concerning "national
World Court.
International loans
honor and vital interests." A dis¬
would thus be brought within the
This is learned from Associated honest
bum
also
affects
pride
law. International anarchy would
Press
advices from Washington when he does not wish to pay. At
cease.
-.
July 17, appearing in the New the Second Hague Conference in
York
"Herald
Tribune"
from 1907, ■; nations agreed to refrain,
which we also quote the follow¬ from force in
collecting debts un¬
89
101
,
we
defaulted
countries
can
more
possible the
deportation
of dangerous alien
enemies who are hot subject to
ouster under
immigration laws.
101
102,000,000
Missouri
our own
as
unwilling investor when the rep¬
resentative of his government un¬
The South Ameri¬
Greece twice.
unwitting and
For he becomes an
of the Council of For¬
eign Bondholders of Great Brit¬
ain, give the history of defaults
for over 100 years.
In the 19th
Century> Spain defaulted 7 times,
Austria 5 times, .Germany 5 times,
Turkey and Portugal 3 times, and
which makes
statute
•
89
105,000,000
__
of food
to
500 pages,
Deport Aliens
President
102
125,000,000
_
Law to
92
V
this
time,
Invokes Use of 1798
98
207,000,000
171,000,000
132,000,000
Michigan
must be as
reactivated
101
however,
honest with them
same■;
and not lead them to
98
281,000,000
„
;
question
intend to be with
on
'
232,000,000
Illinois
Ohio
bringing
we
92
318,000,000
283,000,000
-—
the
"At
v
down
outstanding, $2 billion, or about
was in default. YR^RRY1
: ;
The Annual Reports, of over
a
added:
he
101 ;Rv.
$465,000,000
Pennsylvanit
Indiana
to
than we can
% of Quota
-:R
of $460,-
lives
their
following table shows. the
of E-bond sales in New
result
peoples
their substance and
help defeat the
Nazis must not be forgotten, but
who gave up
York State in comparison with the
results of other large States;
against the public let-down which
was so widespread after the mili¬
thus
182.5
-
■
—
Ohio
through the period of the
loan we fought an uphill battle
€00,000,
ments,
clared that the European
*
particularly gratify¬
their quota
_
_
The
/.
.
_
New
..
default,. fromf*-
border
37%,
United
R;
.
Grande
Cape Horn, and most of the coun¬
tries
of southeast
Europe, plus
Germany, Russia and China.
Of
the $5.5 billion of investors' loans
foreign
commit¬
Secretary Anderson de¬
% of Quota
Total' T
$7,226,000,000 M 182
219,
1,759,000,000
175
1,689,000,000
216
1,516,000,000
* 169
1,449,000,000
_
Pennsylvania
"All
over
;
Illinois
He added:
bonds
r
States.
Rio
the
should give oppor¬
season
tunity to fill in gaps in the
'1
York
New
of the all-important E-bond sales
to the rank and file of small in¬
vestors
percentage
each:
the
•-
:
(Continued from first page)
28 countries were in
Concerning
achieved by
Loan
figures, "and the major credit for
the success belongs to the great
ing:
matic
101.1
5
$3,959,000^000
individuals
Total
•.
Quotas '
$460,000,000
v
Seventh War Loan—
;
An International Bankruptcy
Cit¬
plen¬
of potatoes, • but none to waste,
because
the demand is greater
final report on the Seventh War Loan, made on July 21 by
when the supply of other food is
the War Finance Committee for New York, Frederick W. Gehle,
limited.
A large crop of rice is in
State Chairmah, disclosed; that war bond sales in New York State
during the campaign which ended on July 7 reached $7,226,200,000, prospect, but increased ; military
requirements will reduce civilian
dn amount greater than was ever before raised in the history of
supplies to low levels."
War financing in any State or in any country other than the United,
The most likely possibility he
States.
The total was more than**
Subscriptions from corporations advanced far improving the: food
three 'and a quarter billions above
situation,, aside from intimation
the drive quota originally set for business firms and financial in¬
stitutions were largely responsible that foreign and American mili¬
the State.::'Y;Y R RYY'YY?Yl '• R'
for the enormous New York total, tary demands were likely to be
i .■ Next to New York the States
scaled down, was a proposal for
that achieved the largest Seventh says Mr. Gehle, who reports:
the United States to be "a lot
"These
almost
doubled
the
War Loan totals were:
Pennsyl¬
more
aggressive in getting from
vania, Illinois, Massachusetts and quota that had been set for them,
abroad certain of the food and
California.
The combined sales the excess being 99.1%.
Com¬ food items which are critically
of these States was $6,413,000,000,
parison in the different categories short here at home." He referred
or more than $800,000 short of the
especially ■ to
South
America
were as follows:
New York achievement.
where, he; said, the reverse cli¬
Per Cent
Sales
'
In
;
439
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4406
Volume 162
achieved nothing due to
.
reports for New York
City showed sales to all investors
ing:
-Y* R
in the city amounting to $6,190,Volunteers in New
York State,
By proclamation issued through
289,634, or 181.1% of the.$3,417,Mr. Gehle said, in part:
< T
420,000 quota, and final sales to the. White' House,' the President
f;: "You have again proved your individuals
of
$1,235,383,410, authorized Attorney General Tom
devotion to your country, and by
which is
145.8%' of' the $847,- C. Clark to ship back to their re¬
Undertaking an unglamorous but
spective countries aliens he con¬
430,000 quota.
essential task you have reaffirmed
siders dangerous to the security
The city's cumulative E-bond
Jrour faith in the spirit of Amer¬
Final
•
less
the
debtor
A
trate.
to
arbi¬
invoking
legal
refused
debtor,
proceedings, might thus limit the
of force by creditors.
How¬
ever, the agreement provided no
machinery to execute decisions of
the
court.
Amusingly enough,
use
Japan Warned Only Yy
Salvation Lies in
■
Uncohdin Surrender
In
broadcast
a
"an
as
official
of the United States.
ican freedom."
\ The following chart shows the
final results of the Seventh War
Loan in New York State in com¬
with
parison
large States,
other
a
quota of $287,300,000 are the larg¬
est
ever
made here in
any
War
Gehle noted.
Bond drive, Mr.
during the sessions at the Second
provision made effective by
the proclamaton is part of the
alien enemy act of 1798. The first
part of the act, authorizing the
arrest and internment of danger¬
Hague Conference in 1907, Vene¬
Belgian
Words directly to "Japanese lead-,
made effective by
President Roosevelt when America
entered the war. The second part,
$288,754,786. against
of
sales
spokesman of the United States,
Government,"
Captain
E.
C.Y
Zacharias, U. S. N., addressing his
of collection.
The
ous
Anderson Reports on Food Situation
i
report on July 16,
the new Secretary of Agriculture,
Clinton P. Anderson, informed his
listeners
that
there would
be
bbout 5% less food this year than
during "last year's eating spree",
pnd that continued shortages of
Several kinds of food could be ex¬
In
pected for the next two or three
years, New York "Times" Wash¬
ington advices stated, and con¬
tinued:.
,
I "Because of the time it takes
to produce food not much relief
from actual shortages can be ex¬
during the rest of 1945,"
Anderson said.
"The
supply of food we have available
to us at this time was fixed by
pected
Secretary
What
was
done
a
year
or
more
ago, just as what we do now
determine the food supply
Will be
on
'-"For
the
to
consumers
all of
our
fruit
and fresh vegetables.
the food production of this
country.
"We are hopeful that through
corrective measures now contem¬
went on:
Justice
that
Department
ex¬
up
to now alien
have been deported
enemies who
average a
countries
similar record Of futile
a
In
1902,
17
American
ers," in their
the Japanese
adjudicate disputes aris¬
This
ing out of financial claims.
renewed at the
Pan-American Congress in Rio de
Janeiro
in
1906
and
extended
agreement
the
much
likely
the
of
person. -
sweetening of pre¬
.
But supplies will be sea¬
this year.
cated for
civilians this year, will
be smaller than
"The
last year.
RRR
prospective civilian sup¬
"Except for wheal: potatoes and ply of canned fruits is
tnost frekh vegetables, the 1945.'same as for last year,
action.
vador
Foreign Mail and Airmail
war.
to
,
voluntary
was
about the
but much
and
Albert
Goldman, information has been
received from the Post Office De¬
partment, Washington, that, effec¬
According to Postmaster
exceeding
non-illustrated
tive at once, letters not
two
.ounces
and
postcards shall be accepted for
dispatch by air or by surface
means to destinations in Finland,
Estonia, Latvia,
Lithuania and
decide
on
language, told;
own
people
unconditional
that
on
July 21
of¬
surrender
possible sal-,
Japan, according to an
Associated Press Washington re¬
vation for
port
"
"
Uruguay.
Yet
these
countries sat at Bretton Woods to
greater total amount of
dine on more
simple fare, . -minus the choice
roasts, the thick juicy steaks, and
are
been
have
the
supply.
It is good arid civilians
Will have a billion pounds more
The
dent's
"We shall still be eating on
R "One bright spot is in our milk
Y.
means
repatriates
plated, and with the help of the or have been persons sent home through 1912.
But in 1938, ac¬
consuming public, we will get because of immigration law viola¬ cording
to
the report of the
more equitable
sharing of scarce tions. The department added that Foreign Bondholders' Protective
foods.
But some important foods
Council, defaults on dollar bonds,
many dangerous aliens could not
will still be unavailable in the
otherwise
be
deported because whether national, provincial or
amounts we would like."
they have not been found to have municipal, were listed for Argen¬
The reduction this year of 5%
violated immigration laws.
tina, Bolivia, Brazil, Chile Colom¬
from last year, he sajid, might be
The
department
said it will bia, Costa Rica, Cuba, Dominican
irritating but was not alarming announce shortly what steps it in¬ Republic,
Ecuador,
Guatemala,
from
a
health standpoint.
He tends taking in view of the Presi¬ Haiti, Mexico, Panama, Peru, Sal¬
sonally smaller • in the last
•,
showed
a
fered them the only
Pan-American
The
Mexico to
plained
upon
half of
Poultry supplies, allo¬
milk than last year.
as
man.,
,
move
intervention
limit
and
proposals
of
war
years." '
'
evaporated
'
fruits and vegetables will continue
The Secretary said this country
in short supply. In addition, rice still threw away the richest gar¬
and
dry bean - supplies will get bage in the whole wbrld despite
Shorter.
■R-R:
shortages in various food items. :
"Because eggs are in such great
i R""While the fruit crop, : as a
Whole, will: be good this year, demand," he said, "it -is hard to
apples will be much scarcer .than realize we are consuming record
Jast year.- Transportation diffi¬ quantities this year—an average
culties may make it impossible to of more than- one-egg a day per
.
to
francs
offered
countries signed an agreement in
We
condensed and
milk, • and- ' canned
simultaneously
been
will not be adequate for all
the demands that are being put
that
ahead meats,
months
to repay a
million
crops
food than we did before
fats and oils, sugar,
deportation, has now
invoked by President Tru¬
ten
effort.
will
hand next year.
was
refused
authorizing
radio
a
aliens
zuela
loan. of
the machinery for fur¬
that date, which said:
on
'The
of
leaders
Japan
have
been intrusted with the salvation
and
destruction
the
" not
of
The Japanese leaders
Japan
One is the
face two alternatives.
virtual destruction
lowed
by
other
is
of Japan, fol¬
dictated
a
^he
peace.
unconditional
surrender,,
with its attendant benefits
laid
as
by the Atlantic Charter.'
Y
"President Truman is reported
down
;
to
have
taken
conference
a
ommendations
sible
to
the
definitions
The
rec¬
dealing with
of
broadcast
pos¬
unconditional
sufrender of Japan."
.:
Potsdam
whole series of
Y
?
;
warning
was
stated by the Associated Press to
have
been made with
the Presi¬
ther loans to themselves and other
dent's
defaulting debtor countries.
said to fit into the pattern of
Why did the Bretton Woods dis¬
cussions and hearings in Congress
diplomacy in his conference with.
Premier Stalin and Prime Minis¬
ignore these facts? Why was not
a single proposal made for bring¬
ing future defaults within the
jurisdiction of international law?
full
knowledge,
and
was:
his
ter Churchill at Potsdam.
'
President Truman's
primary In¬
terest said the Associated P^ess
from there, on July 22, is in end¬
:
ing the war with Japan as'quickly
as
possible.
The American po¬
for a World
sition apparently is that if the
Poland.
The following postage Court but not for the adjudication
Japanese
surrender
soon,
this
rates are applicable to mail to be oL bankruptcy. International fi¬
country can have a freer band in
nance is expected to play a major
sent
by surface transportation:
dealing with the beaten enemy.
Letters, five cents for the first role in the reconstruction and de¬
The Potsdam advices added:
velopment of foreign countries
ounce and three bents for the next
"Observers here believe that,
after the war but it is operating in
ounce; postcards, three cents each.
unless the Japanese act jjuickly,
a vacuum. Without an Internation¬
The Covenant of the League of
Nations
provided
.
Articles
«'
intended
for
dispatch
by air are subject to the postage
rate of 30 cents per half-ounce
or
fraction.
"Registration, special
money-order, and par¬
cel-post services are not available.
delivery,
al
Bankruptcy Court the
Woods
Bretton
legislation for an Interna¬
Bank for Reconstruction
Development will either end
in futility or burden the taxpayer.
tional
and
developments may be
in a Russian an¬
nouncement, the price of which
may complicate peace settlements
when eventually they are made."
important
forthcoming
440
THE COMMERCIAL & FINANCIAL CHRONICLE
The
Significance of the
San Francisco Conference
It
(Continued from first page)
have just learned that the official
history
will
of
battle
this
of
true
alone—unless
that
talk ourselves into this
organization;
we are
to
and
t.
it
world
my
guess
States
ica.
Conference
two
is
reasons.
In
maneuvered
ticklish
a
Two other major problems—
trusteeships
Renewed
talk
headliners
other
some
Monroe Doctrine and Latin Amer¬
.
Peace-Time
All * this
and
compromise on regional security—
ticklish, because it involved the
third World War.
a
■
.
of
to
new
is
ister
Europe.
De Gaulle's France
emerged from the eclipse of defeat
as
a
permanent member of the
Security
Council.
The
United
going to have to keep
keep us sold on this
alternative to
Habit
had
have
Commissar
Soviet
to
by
exclude
you
We
of
Molotov, the British Foreign Min¬
can't live
men
commentators.
talking
words
into 10 oversize volumes.
run
It is
talk
that
thereturn
the
and
role
the
of
smaller nations—held the stage.
important
Week
Fourth
•\
./
.
for
found the
Y
.
.
trusteeship issue acute,
the
first place, the spokes¬
eventually 50 nations re¬
with
States shying from the use of the
the
word
newed
habit
of
peace-time
literally
talking
This does not seem
Britain
United
the
and
must
"independence" as the goal
peoples. Australia's
scrapping Foreign -Minister, Dr.
Evatt, began his championship of
remember that the San Francisco
the claims of the smaller nations
conference
things
—
over.'
much
in retrospect;
parley
but
we
the reestablishment
means
of this old habit of world confer¬
for dependent
for
larger
a
in
voice
the
new
world
common
ground upon which
they could all stand and work for
machinery.
This renewed
the fight on the Yalta veto for¬
mula.
Though the charter was
three-quarters completed, insiders
began to worry over the adjourn¬
future world
ment
The people
ence.
meeting at San
Francisco had to talk their way to
a
order.
Though the
conference took place against the
war-time setting of the battle for
the Pacific,
everything done at
San
Francisco
curb
war.
Secondly,
-
for
even
America,
Soviet
dealt
Union
with
to
a
the
Big
experi¬
new
Britain
for
the
and
first
the
time
problems
divorced
There
effort
an
■
Three it has been
ence.
from
was
completely
war
making.
-
of
none
the
compro¬
mising force operating at Teheran
Yalta
and
force
the
—
President
Truman
by
over-optimistic.
seemed
Fifth Week
of
appearance
June
6
compromising
of
up
May 24 opened
the fight of the smaller nations
in
is
.'
•
The
date.
earnest.
beaten
...
The
Five
Big
were
two
major issues.
In
the
smaller
nations
on
committee,
pushed through an amendment
giving more power to the General
Assembly; and the Big Five con¬
.
ceded
temporary seat on the key
Security Council to any nation
a
furnishing
ment of
troops in the settle¬
dispute.
The Big Five
a
that the isolation¬
United
the
is
Nations
Organization
actually in operation.
There's
indication
that
the
big
itself
in
efforts
Nations
set
I believe that
up.
Senator
Wheeler
will
These
dominant
had
United
Nations
definition
of
nations,
and
of
essentially
in
the
of
power
Charter
more¬
to face the rest of
hard
the
fought
respective rolls
democracy.
the
The
Nations
United
is
the product of the
between
the
few
and the many weaker
compromises
powerful
nations
of
current
our
world
order.
Just
let
of
the
Francisco.
at San
\
First Week
.
.
to
-
The confer¬
.
ence
opened with a moment of
silence April 25.
After that there
week
a
of
keynote speeches
.
front
to give space Tor
page
the Syrian crisis.
Sixth Week
the
under
.
May 31 opened
.
.
tension
of
to the
Near
the
The
French
test of the pro¬
a
Charter and the
the Big Five.
armed
powers
Soviet Russia
forces
on
some
for world peace.
before
This
I
this
at
the idea, too, of Stalin.
is
making
am
time
especial effort
get any sort of
an
Council
made
Soviet
new
while the conference organization
perfected behind the scenes.
question
Secretary of State Stettinius
Security
decision.
A
any
stand
the
on
veto
Stalin.
was
re¬
tained effective control of the
par¬
ley as head of the steering com¬
mittee, while the conference pres¬
idency rotated among the Big
Four,
Soviet Commissar Molotov's fight against the
seating of
Argentina supplied the drama.
Second Week
,
.
.
May 2 the
four commissions, subdivided into
12 committees, began the
study of
basic Dumbarton Oaks plan.
the
The
admission
blocked:
White
their
but
the
Russian
places.
closed
of
Poland
was
Ukrainian
and
delegations took
Delegates met in
sessions.
The
Big
Four,
conference sponsors, agreed on
their ideas of changes in the Dum¬
barton Oaks nlan.
The secretariat
as
struggled
with
amendments
the
hundreds
submitted
by
V-E
of
the
conference
deadline.
Day
only registered in San Francisco
rs
another
reason
for
hurrying
up
the job of world organization.
Thbd Week
the
Big
their
Four
.
over
clarification
optimistic
of
the
in
famous
the
the
June
.
7
Stalin
for
efforts
at
A revision of veto
worked out two days
generally acceptable for¬
Yalta
on
was
approved by
The new World
week-end.
Court plan also
Eighth
was
Week
.
.
June
14
Assembly to discuss international
to
theme
to
'
expect
isolationists.
the stab-in-
explaining
as
from
This
American
makes
our
prompt ratification of the Charter
only the first stage in building
full
confidence
ican
intention
ganization
There is
the
to
as
to
Amer¬
world
see
or¬
through
this
time.
doubt speedy affirma¬
no
tive Senate action will set off
avalanche of ratifications.
Ninth
Week
.
.
.
June
21
mer
and
iiraft
of
igning
opening of sum¬
completion of the
the
the
of
new
the
Charter.
Charter
proof'of' the
The
becomes
success
of
the
The battle of wordage and ver¬
course
Senate
hasn't ended.
fight
for
But
ratification
the
be
referred
Moscow.
to
pattern
of
This
future
Soviet participation in the United
Nations v conferences.
But don't
get the wrong impression.
.
Gromyko
.
.
far
was
from being Stalin's messenger boy
after Molotov left.
The truth is
that
all
tough
Soviet
delegates
are
within
the
negotiators
But
So
the
balance
sheet
of
area
agreement
cisco
has
have
been
San
at
wide.
on
versial
issues—issues
must expect considerable sus¬
picion abroad
to
willing¬
This is
leadership
in
as
our
to continue the job.
ness
why
American
affairs
world
be
must
will
neighbors
have
firmly
to
show
among
that
lour
intend
we
the Charter work.
Now let
matic
:
few
a
External
of
Affairs
wholeheartedly for democracy
as
because
United
the
States
had—
has—a
and
contradictory policy.
try
to
be
democratic; es¬
pecially in our alignment with
Latin American neighbors; but we
are basically part of the
big power
combine in global politics.
Stettinius's Effforts
smoothest
worked
man
After watching the Russians in
at
San
Francisco- I see
action
of
in
The
hardest
at the conference was
vorable
light when I publish my
book explaining some of the in¬
of
stories
the
parley.
He
conference from
the
"else.
bogging down and he prevented
splits
between
the
delegates by his personal efforts.
The only tight bloc of countries
to emerge at San Francisco is the
Slavic group.
The Soviet delega¬
dangerous
cult;
but
it
the condition of
The United Nations
parley has shown
delegates
for
It's
but
group.
bet that when Poland has
the
my
a recog¬
regime the Poles obviously
counted
Soviet
the
in
League
tion.
Nations
of
Commonwealth
There
was
hard
on
our
in
the
no
our
fear
of
domina¬
British Com¬
Director for Michigan almost from
the
time
the office
was
estab¬
lished.
in
sharp
oppo¬
sition to Great Britain.
drew
us
a
than
us
sharp line.
when
American
we
,
.
fact.
Our
blindly.
They
They followed
stuck
ideals,
and it's
.
looming
post-war
the
to
but
with
they
Pan
;
the
assume
total
FHA
insurance
opera¬
tions in the state to
ly two-thirds of
a
made
record
the
approximate¬
billion dollars.'
leading
Michigan
one
FHA
in
states
volume of insurance, while its loss
has " been
ratio
in
of the lowest
one
the
part of his
as FHA
director,
Foley was in charge of pro¬
cessing priorities issued for con-,
struction
of
privately-financed
war
housing.
Some 40,000 units
of defense and war housing, pri¬
vately built, were produced in 30
critical
war
housing
areas
in
Michigan.
During this time, Mr.:
Foley
also
served
as
housing
As
country.
wartime duties
Mr.
chairman for the Office of Civil¬
ian * Defense
for
Michigan under
two governors,
and on various re¬
gional planning and housing com- "
mittees.
;'
A
bulletin
from
Morton
Bod-
fish, Executive Vice President of
the United States
Saving and Loan
League with headquarters in Chi-,
cago, advised member institutions
that
"in addition to his
responsi¬
arising fropx his affilia¬
tion as Washington Counsel, Mr."
Ferguson will act in the capacity
of / mortgage
consultant
to
the
League."
For the past five years
Mr. Ferguson had been the chief
executive of the FHA, having be¬
administrator
come
being then
in
retained
1940
and
Commis¬
as
sioner when the wartime consoli¬
dation
of
housing
agencies
in.
Washington brought about some
temporary changes in titles and
governing bodies of agencies. Be¬
fore
the creation
had been
ington
of the FHA, he
practicing law in Wash¬
for
number
a
in
the
of
years,
problems
of
financial institutions operating in
the mortgage field.
Postmaster
made
Albert
known
July
Goldman
23
of
information from the P. O. Dept.,
Washington, that an agreement
has
been
made
with
Guatemala,
effective Aug. 1, for the exchange
of
insured
well
as
parcels,
up
weight of 44
ordinary
as
the
to
maximum
pounds per parcel,
and for the payment of indemnity
for the loss,
insured
rifling,
parcels
damage of
or
in
on
Besiill cf
receipt
the
actual
the actual value
in the absence
of
current
price,
the ordinary
estimated
value)
at
the
place
or,
Bil§
Treasury
Offering
;
The
Secretary of the Treasury
announced
on
July 23 that the
tenders of $1,300,000,000 or there¬
about
of
91-day Treasury bills
to be dated July 26 and to mature
Oct. 25, 1945, which were offered
on
July 20, were opened at the
Federal Reserve Bank
The
on
July 23.
details of this issue
are
as
follows:
Total
applied for, $2,045,886,000.-
Total
where and the time when the par¬
accepted,
$1,312,071,000
(includes $60,077,000 entered on a
cel
fixed price basis at 99.905 and
was
not
accepted for mailing, but
when mailed
exceeding $100
Guatemala
or
in
the
United
Average
price,
lent
Puerto
mately 0.375%
any
(including Alaska, Hawaii,
Rico, Guam, Samoa and
Virgin Islands), provided in
case that the indemnity may
not
be
the
greater
on
than
the
amount
the parcel was insured
which
the
insurance
fee
port
must- comply
licensing
rate
of
99,905,
discount
per
equiva¬
approxi¬
annum.
Range of accepted
competitive
bids:
High 99.908, equivalent rate of
approximately
0.364%
discount
per annum.
Parcel-post packages for Guate¬
mala
ac¬
cepted in full).
States
has been collected.
Our domination of the republics
of Latin America proves to be
Mr. Ferguson
resigned in
responsibil¬
ities of Washington Counsel for
the
United
States
Savings and
Loan League.
'
Under
Mr.
Foley's direction,
more
than
110,000 home mort¬
gages were insured by FHA in
Michigan.
Together with some
$150,000,000 of insured property
improvement loans, this brought
June
Guatemala
and
don't- follow
.
We'll reach
Insured Parcels to *
for which
frequently
Act
Housing
June, 1934, NHA reports. Mr.
Foley, who will serve out the un¬
expired term of Abner H. Fergu¬
son, resigned, had been FHA State
specializing
lines
fiction
.
nerves.
agreements this way—agreements
that'll bridge one crisis after an¬
bloc,
Australia
and
New Zealand taking the lead on
more
can
bargaining
all around the table
in
San Francisco has scotched
British
we
with
Russia—and
Russia
knows that she has to work with
us.
This means hard
(current price,
be
that
me
work
the satellite Ukrainian and Bielo-
will
no
task
is
itself.
peace
amount based
nized
is
that the
Big-Five collaboration is diffi¬
tion called the tricks not only for
Czechoslovakian
There
mind
my
National
the
in
bilities
.
Secretary of State Stettinius, who
will emerge in a much more fa¬
side
the
years.
diplomatic job
done by Britain's
undoubtedly was
Anthony
Eden.
in
difficulty in working with
other
The
tear
Soviet Russia.
something
No American could speak
a
The pessimists among us
say that we're going to find it
hard to get Big Five unanimity—
concretely, that America, Britain,
China and France will encounter
doubt
Minister
vital -to
lot of diplo¬
a
and
wear
spokesman
Evatt.
to¬
contro¬
process.
human highlights.".,. .
There isn't any question in my
mind
that
the
most" consistent
for
a
democratic
United Nations was an Australian,
Big
get
working of the Charter.
But there has been
great
just give you
me
successful
The
Fran¬
The
managed to
ninef highly
gether
we
San
collaboration is the Big Five.
action in approving the
our
of
the hard fact that the San Fran¬
cisco parley is just the
beginning
of
our
post-war
collaboration.
The very core of this post-war
Charter is only the first step, for
neighbors south of the Rio Grande
San Francisco Conference.
be
Five
an
'
monwealth
marked both the
will
must
back
under
Francisco strikes me as good.
It
represents probably the most suc¬
cessful conference since the First
World War.
But we must accept
stressing
are
the-back
what
old
was
decisions
straight
to head FHA since it was created
pieces
Big Five curbs and the liberalized
Assembly role won.
The
long
"rusteeship fight over the ulti¬
being independence
larger part of the delay
imposed by the Soviet delegation
was
not
obstructive.
We
just
have to recognize that all impor¬
confirmed by the Senate on
July 13, becomes the fourth man
was
This
orbit of power.
settled—as being independence.
I should also like to make clear
that the
the
Housing Administration
of the National Housing Agency
of
questions the main issue.
The
'Little 45" successfully challenged
mate goal
dismiss
of
Commissioner
as
Federal
structions.
Russian
accepted.
Y
found the freedom of the General
the
sKcu
.
crisis,
conciliatory
was
later—a
,
veto
approved
power
The
Germany,
Week
San Francisco.
mula
parley wide
plea to
direct
a
couldn't
Foley of Detroit,
by President
nomination
Truman
sharply defined limits of their in¬
prevented
biage of
of
the
made
Seventh
veto formula worked out at Yalta, i
surrender
split
we
ended
'he
May 9 found
....
men;
demo¬
Mexico with
tant
Foley Heads FHA
Raymond M.
whose
comment from the Soviet sources.
I note that the Moscow mouth¬
of
the
he
Ambassador
Frompt Ratification Called For
came
against any new German Pggression provided for automatic ac¬
even
their
unhappy
day we've yet to face in the fight
support of her French ally,
who claimed that the pacts signed
tion
bide
.
.
We
show-down.
position became
through
you
conference
highlight the achievement
was
.
And the dull grind of detail work
at
San Francisco dropped from
posed
take
me
nine weeks
But the set¬
of the General Assembly, the
"town
meeting" of the United
Nations, was completed.
*
;
•
East
Progress of the Conference
the
World Court issues.
up
like
men
striking when we face
a
precedent-making action—pos¬
sibly
the
employment
of
our
.
to make
over,
the
a
missar
the
pecially where it comes to the
auxiliary organizations yet to be
the
the
sab¬
in
activities—es¬
answer
did
to
participation
our
United
other
unsettled—as
in
got
and the outside world.
otage
Three
mained
delegates
manifest
Thomases
sels at San Francisco; China and
France had to be fitted into the
inner
circle
of
great
Powers.
that
think
of
the
Western
Molotov eventually
Mr.
found
I
American fight over the Charter
will come in the future., It will
Doubting
the
Soviet
Soviet
a snap
of his Com¬
fingers; this is probably
the beginning of a new deal in
relationships between the Soviets
every
proval of the interpretation of the
Yalta veto formula.
Twenty-two
for
the
the
Francisco.
ways
leaders had to think beyond vic¬
tory—make up their minds as to a
world in which to live.
The Big
trouble-making
questions they'd put to the Big
Five. Y
Trusteeship
issues
re¬
that
San
education
We
to
at
about
cratic
asserted.
delegations waited
role
clear
World.
only hear from them when
world
coun¬
make
big
on
'
thing that I'd like
one
ists will continue to lie low—that
also found it necessary to call on
their home governments for ap¬
expanded their
There's
to
frequently
•"YY,"
us
politics.
we'll
me
facing a common foe.
The American, British and Soviet
also
verged from
power
liberal
to
seems
time
16
May
of
men
apparently is not going to have
anything of the drama of 1920.
President Truman, with his sena¬
torial experience, has done a mas¬
terful job of bringing the Senate
along with him on the Charter.
Thursday, July 26, 1945
with the
ex¬
requirements
of
Low, 99,905, equivalent rate of
approximately
0.376%
discount
per annum."
.
(60% of the amount bid for at
the low price was
tration.
With the inauguration ofi
accepted.)
There was a maturity of a sim¬
insurance service, registered par-1
eel-post service with Guatemala' ilar issue of bills on July 26 in the
the
Foreign
Economic
di¬ will be, discontinued.
.
Adminis¬
..
.
.
:
amount of
$1,310,260,000.
,
.
■■
>
COMMERCIAL & FINANCIAL CHRONICLE
f HE
Number 4406
Volume 162
Hours and
The State of Tirade
(Continued from page 434)
retailing failures were only twotheir
and
number
the
thirds
comparable
in
last
week
week of
the
.
prior year. Failures in manufacturing, which accounted for
almost as many failures as retail¬
ing a year ago, declined sharply
from 7 last week to only 1 this
week.
-
Canadian
One
ported
failure
with
compared
as
was
week ago and 4 in the same
of last year.
re¬
3 a
week
Paper Production"—The ratio of
United States paper production to
mill
capacity for the week ending
July 14, 1945, as reported, by the
& Pulp Associ¬
ation, was 87.3%, compared with
47,2 %
for preceding week and
£7,7% for corresponding week a
American Paper
Paper board production
for the same week,
compared with 62% for preceding
week and 91% for Corresponding
week a year ago. Previous week's
operations were affected by holi¬
day closings.
year ago.
•
at
was
90%
Wholesale Commodity Price In¬
*
dex—Recovering from last week's
dip, the daily wholesale commodity Price Index, compiled by Dun
& Bradstreet, Inc., rose to a new
war-time high of 178.56 on July
16, closing at 177.11 on July 17.
This compared with 176.89 a week
previous, and with 171.77 on the
corresponding date last year.
Trading
grain
in
markets
(broadened considerably as prices
trended
generally higher. Demand
for wheat and other grains was
stimulated to a large extent by
the publication of the latest offi¬
cial reort of the Bureau of Agri¬
Economics
cultural
cated that the
,
indi¬
which
had made
a
poor start and that the prospective yield would be only 2,685,000,000 bushels, the smallest
crop since 1941, and 543,000,000
com
crop
bushels less than the 1944 harvest.
This
year's
production
all
of
wheat is estimated at 1,129,000,000
bushels. This marks an all-time
high record and the third time the
crop has exceeded a billion bush¬
els.
Flour prices were firm al¬
though
domestic
demand
was
quiet and production was
re¬
ported sharply curtailed by strike
conditions.
Wholesale
Price
Food
Index
Shows
Slight Rise—The Whole¬
Food Price Index, compiled
sale
by Dun & Bradstreet, Inc. for July
18 moved 1 cent higher following
the 2-cent drop recorded in the
previous week. The index regis*
tered $4.10 as of July 17, as com¬
pared with $4.09 a week earlier,
and with $4.02 for the similar date
a year ago.
Advances during the
week occurred in rye, eggs, sheep
and lambs.
Only potatoes de¬
clined.
The index represents the
sum total of the price per pound
of
31; foods in general use.
and
Retail
Wholesale
generally
merchandising
was
Volume
was
The weather
cooperative
for
—
cool and fair.
sustained
well
in
jewelry, cosmetics, furniture, and
decorative, items. Dun & Brad¬
street, Inc. report apparel and food
sales
were
previous
continued
about
the
week.
Summer styles
selling at an unprece¬
dented level.
The stock of bath¬
ing suits ran low arid
tailers
with
even
attributed
the
some
re¬
increased
buying to
the substitution
of
bathing suits for play suits. The
rise in men's clothing was as¬
signed to the increasing number
of
returned
veterans
anxious
return to civilian clothes.
to
Millin¬
ery
sales continued to rise
last
year.
over
Fine felts have aided in
maintaining
volume,
hosiery,
meshes were bought to the ex¬
tent
that
stocks "were
greatly
diminished.
The. percentage in¬
In
crease in retail trade was partly
attributable to early Fall buying;
consumers
reacted favorably to
new styles in fur-trimmed coats.
,
The
demapd for sheets, towels.,
and piece -goods continued in ex¬
er
Lingerie
supply.
fabrics
than:last Summer.
£'•:?V->;
Food
supplies were generally
tight but eased in a few essential
Canned citrus fruits con¬
articles.
War Agencies
Uncompleted
Pan American Highway Voted Funds
Cost of
Earnings
In iarcEi Declined
Further declines in
The
employment
fewer
compared with the mid-week of
February,
Secretary
of
Labor
May 25.
"The
average number of hours
1944.
at
11
to
16%
Pacific Coast 13 to 17.
Wholesale trade remained about
last
at
week's
above
last
Summer
ing
in
stocks
and a little
Reorders for
level
year.
apparel were still com¬
with Fall orders; retail
reported declining.
sales were under last
were
Grocery
year,':-;;.;::Cv^
In
the
orders
for
clothing
markets
re¬
Summer
apparel con¬
tinued high, but all could not be
filled. Most early buying of coats
and suits was over; the inumber of
buyers was well below' the peak
market week in June, but was
about twice as high as two years
ago. A very active demand was
reported for men's work clothes,
furnishings, c h i 1 d r e n' s school
clothing, and underwear.
Some
hosiery buyers found their search
time.
Millinery business compared fa¬
vorably with that transacted last
year.
Stores which had begun
sales of furs placed further orders.
Deliveries
to
retailers
of
spun
and woolen piece goods in¬
creased
slightly.
Many buyers
were looking for household linens,
despite the fact that some lines
had not yet been offered for third
quarter delivery. Volume of hard
goods moved increased slightly as
civilian production of furniture
and hardware began to rise and
retail demand continued high.
Despite slightly improved sup¬
plies of poultry and meat, due to
lower set-asides, wholesale food
rayon
volume
latest
ceipts
were
was
2% below 1944 in the
recorded
week.
Egg
re¬
were low; storage reserves
tapped.
Demand for dried
and
canned foods
was
un¬
usually high for this season, but
military requirements kept civil¬
ian business low and packers were
unwilling to accept much future
business until crop prospects be¬
came more
certain.
ciated
Goods
Press
also
we
July 13 on the $769,364,- ;
on
supply bill,
been held up since
result of the struggle I
funds for the Fair Employ- '
850
agencies
war
Over
Practices
ment
,
Washington, July 13, on a com¬
promise plan under which the
is to receive, $250,000 for
operating
purposes
until
next
June 30, the Senate accepting by
FEPC
voice
House
the
vote
which nullifies
quote:
This
Committee.
ended with House
and Senate agreement, as reported
by the
Associated Press
from
controversy
language
previous stipu¬
lation that the agency must use
the funds to liquidate. However,
the Associated Press adds, the ;
$250,000 is just half what FEPC
a
had asked.
:
V''
v;\
,
The bill, which by normal prac¬
tice
should
before
the
of
have
been
approved
midnight June 30, the end
old fiscal year, also in¬
cludes
another Senate-House'
gate hours, close to 3% million,
was reported by the transporta¬
tion equipment group and was
largely the result of an employ¬
ment
decline
of
72,000 • wage
Senator
Ferguson
(R. Mich.)
developed from Brig. Gen. Ken¬
neth Hertford of the Army Gen¬
eral Staff that Gen. Dwight D.
earners.
staff
Information $35,000,000.
figure originally set for the
OWI by the House had been $18,000,000; the Senate had voted
1 "Although the nondurable group
reported a decline in aggregate
hours, 6 of the 11 major groups
reported increases, from 13,000 in
the petroleum group to 275,000 in
the chemical group.
The size of
the decreases in the remaining 5
groups was sufficiently large to
offset these gains.
Among the
nondurable
goods
groups,
the
largest declines in aggregate hours
construction of the road.
$39,670,215.
the
in
were
food
and
Eisenhower, as assistant chief of
in
1942, opposed wartime
He read into the record a mem¬
orandum
which
in
Eisenhower
expressed the opinion that "no
justification exists" for diversion
of critical materials to the project.
It was approved, however, by
the General Staff and Secretary
of War Stimson.
ice
forces
serv¬
urged the highway to
of supplies to
Canal
Panama
the
The Army
movement
assure
rubber
The
area.
The decline in the food
occurred
in spite of a
project involved 905 miles of con¬
lengthening of the workweek and
was
brought about by seasonal
Mexican border and Panama City,
employment decreases.
Eisenhower had
groups.
group
cline
in
caused
the
rubber
The
group
struction
by
a
return
to
acknowledged
been right.
"Weekly
earnings
in
March
averaged $47.51.
The earnings in
the durable-goods group amount¬
ed to
$53.38 approximately the
same
as
in February, while the
earnings in the nondurable goods
group averaged $39.00, 27 cents
above February.
In addition to a
"It
that
the Pacific would be met
as
it
in
the
as
soon
met, and with knowl¬
edge that the submarine sinkings
was
Caribbean
would
creased, as they were
there would have been
de¬
be
decreased,
no
neces¬
tegic situation, particularly in the
Pacific, would improve when it
overtime
in
the
in
the
workweek.
rubber
group
averaged $1.12 per hour and $50.62 a week in March as compared
with
$1.15 and $54.40 last month.
"Hours in bituminous
mining
of
an
averaged
hour and
a
43.6,
a
coal
decline
half from Feb¬
Association partments amounted to $272,000. f
-
The
in the FEPC wrangle *
Senators, in an effort to >
bring about discontinuance of the
agency,
conducted
a
filibuster
which for several days stood in
the way of other legislation. The
FEPC was set up by Executive
■I
Earlier
Southern
,
.
Order of the late President Roose¬
velt to police industry against job
discriminations on account of race,
:
creed, color or national origin. ;.
The Southerners contended that :
it
has
just
casued
trouble,
the
June
30, and that it is backed by Communistic influences which want to"'
Associated Press reported on
v
insurance.
"It is also true that if the Army
had known earlier
did in fact
the
that the stra¬
improve, the work on
construction
of
the
highway
could have been stopped earlier."
Work was halted October 31,
1943.
Construction Contracts
Awarded First Half 1945
Marked by a pronounced recov¬
in privately-owned riianufac- ;
turing building, construction activity in the 37 States east of the
Rocky
Mountains showed sub¬
stantial gains in the first half of
the year, it was reported on July
23 by F. W. Dodge Corp., fact¬
finding organization of the con¬
struction
industry.
The
report
ery
v
continued
All
Get More Gold
From U. S., Also Cloth
major classifications of con¬
showed gains over the :
dential
^
mier T. V.
Soong were two calling
shipment to China of
large but unspecificable quanti¬
ties of
gold and cloth, it was
learned on July 21, said Associ¬
ated Press advices from Chung¬
the
appearing
"Times,"
China,
New
York
in the
which
added:
"The gold is to be sold by the
Government to
absorb
the vast amount of inflated notes
in circulation.
The cloth will be
distributed at reasonable prices in
attempt
depress
to
mounting cost of
the
consumer
ever
goods.
"Recent suspension of gold sales
by
of
total
the
Chinese
Government
caused the black market value of
the American dollar to
spurt
all
was
down
•
construction
States
during the first six '
was
$1,482,399,000, com¬
pared to $960,221,000 in the corre- >
sponding period of last year, a
gain of 54%, the Dodge corpora¬
tion reported.
ern
months
Nonresidential
to
construction
in
the first half amounted to
$807,612,000, an increase of 106%. Resi-
•
dential construction declined from '
lie
works
and
an
Manufacturing
struction
utilities
totaled
increase of 31%.
building
con¬
aggregated
contracts
$515,806,000
in
the
first
six
months, to establish a gain of
162% over last year's $197,077,000.
Continued improvement in the
position of privately owned con¬
struction as compared with pub-
,
licly owned construction was re-*
vealed by Dodge's tabulations.
Privately
owned
*
construction
contracts in the first six months
^
It totaled $573,491,000, compared to
has dropped now to $2,600 (Chi¬ $243,543,000 in the corresponding
period of last year.
Privately ;
nese).
■
'
/
,,,'v
owned construction in the first six
"All of the gold Premier Soong
months represented 39% of the
contracted for will arrive in China total of all contracts.
It repre¬
by the end of this year, it is re¬ sented 25% of the total in the
first half of 1944.
ported." \': '■
v
••'•J'Um
more
than
$3,000
.
_
,
■
$203,892,000 to $197,509,000. Pub- C
$477,278,000,
Chinese
an
building, which
more than 3%.
contracts awarded in the 37 East¬
Among the agreements negoti¬
ated' in the United States by Pre¬
king,
follows:
struction
The
to
as
first half of last year except resi¬
slightly
China
for
.
In other words with knowl¬
built.
edge that the Japanese menace in
"Average hourly earnings for
manufacturing showed practically
no
change from
February al¬
though 16 of the 20 major groups
reported
increases.
The
only
sizeable decrease in hourly earn¬
Workers
War
discard all racial barriers in this
sity to start the construction of the
highway as a matter of military
of
of
is
longer workweek in many of the
nondurable groups, gains in week¬
ly earnings reflect increases in
hourly earnings resulting from
wage rate increases,
ings was in the rubber group
brought about by the curtailment
compromise by giving the Office
certain," Gen. Reybold country. The appropriation meassaid, "that if the War Department ure, sent to the White House for '
had known, in 1942, the facts it
signature, extends 20 civilian war
knows today the .Pan-American agencies
for the, present.V fiscal, ^
highway would never have"been ;year.:::h^'v; vr--;'. y
;
a
southern
the
between
Reybold
de¬
was
•
Dry
These
accord¬
General Reybold said that the
original estimate was based on
"incomplete information" but that
an
important factor in the high
cost was lack of shipping which
resulted in delays due to short¬
ages
of material.
As a result,
workers remained idle for long
periods.
ruary.
Comments from mines
According to the Federal Re¬ indicate
that
flood
conditions
serve
Bank's index, department
along the Ohio River area stopped
stores sales in New York City for
work from 1 to 5 days.
Weekly
the weekly period to July 14,
earnings for bituminous coal
1945, increased by 12% above the miners declined almost 4% to
same
period of last year.
This $52.17."
compared with a gain of 26% in
The February figures appeared
the preceding week. For the four
on
page
234 of our issue of
weeks ended July 14, 1945, sales
July 12.
rose by 20%, and for the year to
date by 14%. >
said July 23. Departmental prof¬
Department stores sales on a
its before Federal taxes rose 1,2%
country-wide basis, as taken from
to a new high record of 11.4%,
the Federal Reserve Board's in¬
but the effective corporate tax
dex for the week ended July 14,
rate reduced net profits to a little
1945, increased by 15% and com¬
less than one-third of that figure.
pared with a gain of 32% in the
The reportJ comprising figures
preceding week.
For the four
weeks ended July 14, •; 1945, sales of 288 stores reporting to the con¬
increased by 20%, arid for the trollers' congress of the associa¬
tion showed aggregate sales vol¬
year to date by 13%.
ume
of
$2,258,587,000.
Typical
Department and specialty store
sales volume of owned depart¬
sales rose to new peaks in 1944,
ments averaged $3,856,000, while
showing an increase of 12 % over1
the preceding year, the National 5 typical sales volume of leased de¬
Retail
the figures, which,
ing to Associated Press Washing¬
on July 14, Lieut. Gen.
Eugene Reybold, Chief of Army
Engineers, presented to the Sen¬
ate committee.
From the Asso¬
,
some
job
ton advices
6-day
Workweek schedule occasioned by
rewarded
by a few
allotments a shortage of materials, partic¬
from mills which had not sold
ularly carbon black. "
"
to them for
was finally aban¬
unfinished after $42,715,-
the
591 had been invested in it.
"The largest decrease in aggre¬
percentage
as a
were
Continuing she stated:
above
in¬
creases were: New England 9 to
13, East 10 to 14, Middle West 7
to 11, Northwest 8 to 12, South 17
to 21, Southwest 18 to 22, and
Regional
ac¬
has
July 1
doned
Retail sales for the U. S. were
estimated
which
000,
utes.":
.
tion
Highway. Origin¬
ally estimated by the War De¬
partment that the entire project
could be constructed for $14,714,-
as
selling fast with point-free
orange juice leading. Apples arid
blackberries sold rapidly. Melons worked per man per week in
March was 45.5, the same as in
were in great demand as the sea¬
son reached maturity.
Butter sold February," she said. In her ad¬
under slightly improved supply vices Miss Perkins said that:
conditions—enough to meet im¬
"Only two of the durable goods
mediate
demands.
Lamb
and groups reported more manufac¬
mutton were in greater supply.
turing hours per week.
The in¬
The acute shortage of eggs still crease of
231,000 hours in the nonprevailed.
Increased
stocks of ferrous group reflects gains in
poultry—dressed preferred over both
employment
and
in
the
live—eased
the
meat
situation. workweek while the rise of
141,The meat shortage was reflected 000 in the stone
group was made
again in additional demand for possible by extending the work¬
fish, lobsters, and fresh water week by an average of 24 min¬
turtles.
Congress finally completed
Investigating
War
Pan American
in
time in the mid-week of March
Senate
Committee has begun an inquiry
into the complete history of the
6}4 million or 1%
hours
of
manufacturing
resulted
Frances Perkins reported
tinued
fruits
Trade—
Retail sales continued at the high
level set last Week.
of
cess
sold in greater volume this year.
Sales of outdoor goods were high¬
441
.
(Chinese).
-
frank mutual survey of their dif¬
Truman Commends Press Mission Tour
that "freedom of the
The hope
become a vehicle of
sympathetic understanding
therefore
closer friendship
press
may
more
and
the nations of the world,"
among
expressed
was
President
June
on
Truman
in
a
by
21
letter
to
Forrest, Assistant Editor
York "Herald Trib¬
Wilbur
New
the
of
une" and Chairman of a commit¬
everywhere will "in
that there be included in the
sist
treaties the elimination of
peace-time censorship by govern¬
ments, the elimination of press
peace
by governments, and the
of a free flow of
news between nations."
Mr.
Stettinius's letter to Mr.
lin
special courtesy, and also
made an inspection of the plant of
Pravda.
' '
with the com¬
mittee's full report to the Ameri¬
can Society of Newspaper Editors'
Board of Directors, is contained
along
a supplement to "Editor & Pub¬
lisher," newspaper trade journal.
in
It is added that this supplement,
&
"Editor
which
sending to newspaper editors and
Government officials throughout
the
contained letters
also
world,
State Edward
other Gov¬
ernment and military leaders.
Mr. Stettinius said he and other
from
of
Secretary
R. Stettinius, Jr., and
United
the
of
members
States
delegation to the San Francisco
Conference regarded freedom of
the
"one of the funda¬
as
press
mental freedoms" that the devel¬
the establishment of
The Secretary
v
commission on rights
the United States
"will urge that it should promptly
study the means
of promoting
freedom <5f the press, freedom of
communication, and fuller flow of
knowledge and of information be¬
tween all peoples."
sets
up
and
freedom,
a
President Truman's letter, dated
J
June 14, was given as
follows in
"It
was
and
Dean Carl W. Ackerman, of
the freedom
comprising
of the press commit¬
of
Society
American
the
of
at
University,
Columbia
tee
Journalism
of
School
the
Newspaper Editors.
I desire to
thank you heartily for sending me
a copy
of the report which you
make to the A. S. N. E. and which
you
of
outlined to me in the course
interesting conference.
a very
"Just
lamented prede¬
wished you and your col¬
cessor
as
my
leagues godspeed when you started
on your around the world mission
in the interest of freer and better
of
dissemination
news,
so
I
was
glad to welcome you home from
an itinerary which
I understand
inqluded the principal captials of
Europe, the Orient, Australia and
South America.
"Here at the San Francisco Con¬
that
hope
sincerely
the
laudable purpose of your mission
will be realized to the end that
freedom of the
vehicle of
a
friendship
become
sympathetic un¬
therefore closer
press may
more
derstanding
and
among
International Organi¬
ference
on
zation,
the
United
leadership
the
that
has
States
in insuring
the
taken
world organization
hew
promote fundamental free¬
doms.
The charter specifically
shall
the organization
shall promote
universal respect
for, and
observance of human
rights and fundamental freedoms
provides
for
that
-
distinction
without
all
to
as
language, religion or sex.
race,
and
colleagues
,my
States
on
delegation
of speech as one
the nations of
the world.
V
the
regard
of the
It is our further
in this charter.
understanding that freedom of
speech includes freedom of the
press, freedom of communication
and freedom of exchange of infor¬
cil is empowered to
mendations
on
its
make recom¬
own
initiative,
for
promoting respect for and ob¬
servance
of
human rights
and
fundamental
freedoms,K and the
directed to
set up a commission for the pro¬
motion of human rights.
is specifically
council
"We may be sure, I think,
when
commission is established,
a
United
the
Government
States
that it should promptly
will urge
the
study
that
means
of
promoting
of the press, freedom of
freedom
communication, and fuller flow of
knowledge and of information be¬
tween all
time
we
In the mean¬
shall press forward our
peoples.
active efforts to further these ob¬
jectives in every practicable way.
"The report which your com¬
mittee has brought back will, I am
be of great assistance to all
I congratulate you and your
associates on the completion of a
sure,
of
us.
of
public
best traditions of
service in the
democracy."
our
With the return of the directors
of the American Society of News¬
paper
Editors from their tour a
50,000-word report which sur¬
veyed the results of a 40,000 mile
world trip of three of its members
who made the tour to study free¬
civilization
on
the
among
was
issued
in
at Washington
a
June 10
It
was
the first time in history,
according to the "Times," that
sion will contribute to that happy
:6r
consummation.
I shall look for¬
dertaken, and the main objective
with
keen
anticipation
to
mission such
of the
as
ASNE in
this has been
being
a
un¬
sponsor
of
the study of your report."
From the "Herald Tribune" we
the project was to obtain a pledge
in the peace treaties "of Govern¬
ments not to censor news at the
also quote:
source; not to use the press as an
.The
committee
South America, as the
letter mentioned.
not
did
visit
President's
A proposed trip
postponed,
the members explained, when the
"good news" came that represen¬
tatives of 20 American republics,
to
that continent
meeting
in
was
Mexico
City,
had
pledged lifting of war-time con¬
trols and peace-time interchange
of information.
The
editors'
instrument of national policy, and
to permit the free flow of news in
and out of
The
first that
press
signatory countries."
three
press travelers said
they did not find ftuich
freedom
under
war-time
conditions.
said
in
A large
part of their report was
con¬
mission
visitors'
"idealist but impossible."
The Americans, who traveled
letters
of
recommendation
from
President
Roosevelt,
Secretary
Stettinius, Senator Tom Connally
and Representative Sol Bloom.
Among their general findings
Many governments atje control-
ing the press politically under
guise of war security.
People in Italy and Germany,
emerging from the ruin of war,
know
little
or
nothing of the
world around them because of the
controlled
their
of
press
.
former
that
the
American
„
press
is dominated by the adver¬
tiser
and
thinking
that
directed toward un¬
policies by so-called
is
"trusts"
press
American
much
chains.
or
Australia
in
the study of a
and recommended
system of bringing young foreign
journalists to American papers to
widen
journalistic horizons of
other nations.
"
.
.
.
Directors of the Newspaper Edi¬
resolution
of support for the world
press
freedom conference, the time to
be
arranged
when
conditions
permit.
The board of the ASNE also
Society adopted
a
resolution commending
Secretary Stettinius for his help
on freedom of the press, notably
adopted
a
Nations Conference
at the United
in San Francisco.
Another
resolution
adopted by
the board looked with apprehen¬
sion
on
any
merger
of transmis¬
sion facilities which would elimi¬
Other newspa¬
organizations similarly are on
per
record
the result of
as
two months ago,
new
into
use
partment, that all United States-
international communi¬
operated
cation
facilities
combined,
be
or
,
other
local
each
after
soon
the first of the year for food ra¬
tioning and for rationing shoes.
Mr. Bowles said:
"It
takes
time to plan,
long
a
print and distribute a war ration
book.
That's
why
we
must
for
arrange now
book that will
1946.
a
not be used until early
"The supply
agencies—the De¬
canned
fats,
and
meats
goods, sugar and shoes all will be
in
tight supply for some months
come, and so it looks as if a
ration book will be needed at least
throughout most of next year. To
be reasonably on the safe side,
and
the expense of having
still another book later,
have set up Book Five so that
avoid
to get Out
we
it
10 to 15 months
last from
can
if it is needed.
Four.
the
so,
only half
holding
By
contains
book
stamps as Book
as many
Five
Book
getting
ent book; we are
book
a
for less than half the cost of Book
Four, and
using only half
we are
much paper.
"We
Ration
War
hope
Book
Five will be the last in the series
of war-time ration books, and that
there will be plenty of stamps we
won't have to use.
We cannot
that,
though, since so many months are
needed to bring a book into being.
H "The new book is a better book,
as it ought to be.
It will be much
easier to carry and handle, since
gamble
$1,140,699,000,
or
the Institute of Life
reported on July. 18.
of last year,
Insurance
heavily
too
payments were
the five months,
or
$42,316,000 more than in the
first five months of last year. War
death
in
claims
continued
during
largely for the
increased payments of this year,
the May total death benefits of
to
May
account
$111,152,000
"achieved with top Soviet
newspaper editors and Govern¬
same
for
the
1941.
war
has
being
same
35%
month
greater
of pre¬
in
on
the
and
will have to re¬
member is that stamps of certain
numbers
are
good.
The new
grocer
stamps will not have both a letter
and
a
number
as
the
present
stamps do."
announcement
OPA
The
said:
also
of five
blue
'
"The last full set
stamps in#War Ration Book Four
will become good on
final
be
set
of five
validated
Sept. 1.
red
month
a
The
will
stamps
later,
on
some
War
Ration
Book
Five,
to use other stamps in Book
Four as substitutes for processed
food and meat-fats stamps during
the interim
'
period.
"Interim period use of
i
of
the
claim
increase."
trip
to
Mexico,
.
Chile. 7 He
and
>
enthusiastic,
was
the
about
prospects for post-war
commercial and tourist trade to.
and from Latin America.
the
During,
course
stamps will not be neces¬
since the stamps provided for
sugar
sary
these
items
Four
will
without
Books
in
carry
resort
use
to
Three
financial
and
leaders
by which ex- '
ports to and imports from their'
countries could be expanded, on
and
ways
means
^
only mutual ex- '
change of products and services,
can
be permanently satisfactory,
and successful.
His survey indi'
cated, he said, that only by in-K
creasing our imports from Central ■
and "South American
countriesV
could
we
hope to expand our j;
sales to them* thus contributing *
the premise that
of
solution
the
to
most
important
nomic problems.
'■
Mr.
he
belief
progressed
extent
this
t
conse-
a
as
'
to a'
He stated his V;
of the war.
that
,
'
inctus->
of
considerable
-
countries
the
most
have
in
visited
our
eco~-
i
reported that
Diez
trial ism
of
some
post-war
had
already
re¬
higher standard of
living and an expanded potential;
market for our products.
sulted
in
a
-
stressed
He
emphatically
and
the urograms
substitutions.
of other stamps in
Book Four after all blue and red
the
America's
Latin
velopment
of
tremendous
resources
,
|
but
.
.
warned against
.
that the future of
depended
business
local
Latin.
;
co-;
h
upon
United States
between
operation
com-
our
with
relations
American
and
the psychology of
those
resources
for f,
profits.
He empha- J ' |
men
in
the
*
management
of
Latin American industries—possibly branches of well-known, es-r*j
tablished North American organi-:, ,j
zations—so that they would actu-; \[
ally become partners. "Many Latin
r
American companies and individ-! f
uals," said Mr. Diez, "have the |
necessary
organization,
energy,
i
ability and capital to build great' !
industrial
enterprises, but they '' ii
will
welcome
partnership with 4;
men
from this country who, in; ■
addition to sharing the
investj
ment, bring technical knowledge
and marketing experience."
" £
and
financing
Historical Society Elects
•
The
"Agricultural History So¬
ciety" of the United States, at,
their recent 26th Annual Meetings
the
announced
election
of
the
officers:
Presidents
Brand, Washington,
C.; Vice-President: Dr. Richard O.
Cummings, University of Califor¬
nia; Secretary-Treasurer: Chas. A.:'
Burmeister, War Food Adminis-;
Charles J.
tration; E
Prof.
x e c u
t i
v e
Committee:
-
Clarence H. Danhof, Lehigh
University.
\:
::
: ••
:\
-
stamps are validated will permit
Charles J. Brand's election fol¬
a
considerable
money - saving." lows^ a long line of
distinguished'
The saving will come from the men to hold that
position. . In
fact that maximum possible use
addition, he is Consultant to the'
:
will
be
made
of
the
remaining
stamps in Book Four, and because
the life of the incoming Book
the^bv
-
will
Five
lengthened.
be
"War Ration Book Five will be
war
ration book to be
On May 4, 1942,
Book One-began
other volunteers.
uibu'ibuuon
of
\
great opportunity which our busi¬
ness men have to assist in the de¬
following
shoe and
distributed by school teachers and
period, however, accounting
months'
mercial
increased
the
y
was
Salvador, Costa Rica, Venezuela,
Colombia, Ecuador, Peru, Bolivia:
sized
It will
Book Four, but
only one-half as wide. The num¬
bering and arrangement of stamps
is better, too.
All the housewife
the fourth
in
good
be just as long as
Total life insurance
25%
;
are
the • *
conviction expressed on July 19
'
by Mario Diez, Vice-President in
charge of the Foreign Division of
the Colonial Trust Company, of"
New York, as he returned from a ]
neighbors,
really
exploiting
quick, easy
"Interim
benefit
"Death
Americans
Latin
That
in fact, than a dollar bill.
The Institute further says:
$560,591,000
war Latin-Amer. Trade
it will be much smaller—smaller,
by life insurance companies in the
first
five
months
of the
year
to
Optimistic oh Post¬
quence
sary
nearly $75,000,000 more than pay¬
ments in the corresponding period
way,
Diez
down to half the size of the pres¬
"Since
amounted
t
.
beginning Feb. 23,'.
1943.; War.Ration Book Three was
distributed
by
mail,
beginning
June
20,
1943.
Distribution of.-*
Book
Four
got under way at'
school houses on Oct. 18, 1943."
same
business
that
us
containing the new red and blue
stamps, will not go into use be¬
fore Jan. 1, 194-3, it will be neces¬
Payments to policyholders and
distributed in the
partment of Agriculture and the
Increase in Payments
Life Insurance Cos.
was
War Production Board—have told
Oct. 1.
Policyholders of
country..
buildings throughout the
Book Two
of his trip, Mr. Diez
discussed with many government,
jointly operated, after the war.
To
other public
at school houses and
three
area.
A gasoline books will go
Dec. 22, and War Ration
Book Five will be used
proposal,
a
by the Navy De¬
.
,
.
place at
take
or
for
time
The
competition.
nate
will
houses
exact
as
world press-
a
conference
freedom
of
public
buildings throughout the nation
from
Dec.
3
through Dec. 15.
OPA district offices will fix the
The three-man committee pro¬
posed support for
,
_
7 Distribution
"Even
abroad
Office
the
Administration, announced
on July 24.
At the same time, the
new A gasoline ration book will
dictatorships.
tors
of
Price
to
force
controllers a full and
Administrator
by Army transport planes, carried
than in
its report that "the spark of press * ment press
assassinated,
was
the
given over to their reception in
Russia.
During their visit there
they
committee
and
beneficiaries in the United States
governments and peoples of the
United Nations. I hope your mis¬
ward
who later
*
many
through the public schools
December,
Chester
Bowles,
in
hand,v Dr.
Ahmed
Pasha, Egyptian Premier,
sidered
f
as
book
uted
other
tion in these fields.
years
cooperation
the
Mahrer
democratic
in other nations
it was
dispatch from Wash¬
ington to the New York "Times"
tinued
sincere
was
trasting views. King Farouk said
that he believed in a free press
tors
stated
through
six
tragic
emphasizes the need of con¬
interest
give
strong and express recognition to
these basic principles, it will also
contain specific provision for ac¬
"Not only will the charter,
dom of the press
threatened
and
"whose
It is the impression of some edi¬
dered
world
side,
the
editors got from Pope Pius XII,
mation.
"The unhappy conflict of prin¬
ciples and policies which has sun¬
the
constructive
were:
fundamental freedoms referred to
mission
"I
matter of record.
a
stamps as the
issued, will be distrib¬
just half
last
"smaller
dollar bill" and containing
a
school
and free flow of news, but that his
Cabinet interfered with both.
On
throughout
promotion
"The economic and social coun¬
good to see you and your
the
they
the
its
the "Herald-Tribune":
associates, Mr. Ralph McGill, edi¬
tor of "The Atlanta Constitution,"
On
cases
natural," his unqualified support.
From
Egypt there were con¬
world is
War Ration Book Five,
be issued.
in other
skepticism.
uncovered
of Newspaper Editors. *■
"The support which this Gov¬
ernment has given to the principle
of freedom of information and to
freedom
added that when
social council
an
ety
"I
and
Economic
the
advance copy of
the report by the special free press
committee of the American Soci¬
me
world free
a
press.
However,
courtesy in
"Thank you for your
United
,
Amer¬
expressions of sincere concern for
organiza¬
promote.
the
ican editors reported that they got
charter to
Nations
United
oping
tion is committed by its
countries
other
establishment
is
Publisher"
a
control
sending
letter,
as
In
War Ration look No. 5 Available in December
than
The travelers visited the Krem¬
Forrest follows:
the
■
quote:
newspapers
of press freedom.
The "HeraldTribune" of June 22 indicated that
.
ferent system and conceptions."
From
the
"Times"
we
also
most
is alight" and that
freedom
recently completed a 40,000-mile world tour in the interest
tee that
V
Thursday, July 26, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
442
President of The Davison Chem-"
idal
Corporation, Baltimore, Md.
meeting, Dr. Arthur Peter-4
son, of the Army Industrial Col-:
lege
of the
War "Department,'
At this
former
President
made his
"The
annual
of
the
Society,1
address entitled^
Agricultural History Society
—The First Quarter Century."
;
Volume
Number 4406
162
Steel Production
THE COMMERCIAL & FINANCIAL CHRONICLE
Up 1 %—Deliveries Far
Senate Approves
World Food Flan
Advanced"Because
of
sudden
a
but
not
trend-making increase in rated
of this type of orders
reached the highest point since the end of the
European war," states
"The iron Age " in its issue of today (July 26), which further reports
steel
•
business
this
past
week
the
in part as follows:
"Steel sales offices conceded that there was little
possibility that this condition would be repeated or that it indicated
any reversal in the recent level-f-
;
.
ing off of CMP steel orders.
f
"During the past week most
steel centers reported that backlogs of unrated civilian orders
.-
exceed those
now
.
ings with
rated
of
rated
book¬
companies.
many
business
showed
volume
Urnweek
last
little
change from recent
experience, mainly because of a
continuance in extended deliveries
and the inability of most com¬
panies
■
to
give
concrete
commit-
ments.
r
"Pressure continues
upon
companies from all steel consum¬
ers
despite the size of backlogs
and despite the inability to pre¬
dict
with
any ; certainty
when
Civilian
manufacturers
will
be
.
:
volume
able to partially satisfy their de¬
mand
which is growing day by
The flat-rolled steel picture
with respect to sheets is now as
tight as it was during 1942 and
day.
1943
for
plates.
filled
are
some
far
Mill
into
items, but
schedules
next
year
on
vision to
apply the freeze only to
September orders.
books
on
far has been much
so
less than expected, most applying
to remote deliveries, leaving near¬
Mills
by schedules little higher.
have
received
<
United
cancellations
few
an
unrated
basis
said
are
to
be
somewhat
brighter,
but
would
probably
not
reach
anywhere
near
requirements.
"The
:
recent
plate
and
situation
this
easement
hit
the
tives
will
be
deliveries.
rated
for August
will push back
placed
This
and
orders
unrated
for
plates and structurals which had
been
was
for
set
that
month.
There
speculation that
some
sub¬
a
stantial
portion of the tonnage
might be placed with far-western
mills holding openings for these
products, particularly in view of
the
ultimate
steel.
destination
of
this
:~
"The
for
source
facturers
for
has
the
been
the
manu¬
production
stocks
of
of
deep
drawn sheets held since the
cessa¬
cars
tion
of
1942.
car output in
treatment of such
passenger
Special
material
because
of
aging
has
total
to
cancellations,
be lowered.
base
.
American
Iron
and
Steel
Institute
on
July 23 announced
telegraphic reports which It
that
bad
received
indicated
that
the
operating rate of steel companies
having 94% of the steel capacity
of the industry
will be 90.7% of
capacity for the week beginning
July 23, compared with 89.8% one
week ago, 91.5% one month ago
and
95.5%
one
year
The
ago.
operating rate for the week be¬
ginning July 23 is equivalent to
1,661,300 tons of steel ingots and
castings, compared
to
1,644,800
tons
one
week
one month
one
year
ago,
ago, and
1,675,900 tons
1,717,800 tons
:
ago.
replacing cancellations
time, while priority
assistance with allotments
accom¬
panies others.
Some of this ton¬
nage is in heavier sheet and strip
gages,
which
are
considerably
easier than for
"Structural
ing and
lighter gages.
demand is increas¬
projects
more
are
coming
dustrial expansion. Mills now are
capacity
still
open
in
October.
Unrated orders are not likely to
bring deliveries in third quarter.
Relaxation
and to provide $625,000
its share of the expenses
during the first year.
Cleveland, in its
of the iron and steel
sum¬
mar¬
kets, on July 23 stated in part as
follows:
"Little
tion
■-!
v
.
effect
Board's
of
effort
War
to
Produc¬
clear
the
complicated mill situation in steel
sheets and strip has
appeared, fol¬
lowing the freezing of books for
third quarter and subsequent re¬
United
The
Agriculture
Nations
Food
and
Organization,
which
meeting of 44
countries at Hot
Springs, Va.,
called
by
the
late
President
Roosevelt in May of 1943, tha
formed
was
in
a
in
restrictions
associations
than
for
A.
year.
in
Illinois
the
R.
with
cents,
in
ington
on
tern
Labor
The
advices
from
the
July 13 added:
"According to a seasonal pat¬
dating back ten years, June
the
was
Bank's
and
marketing, and the
the member govern¬
over
and is wholly a
finding and advisory body.
"The
organization
take
action
fact¬
will
not
in
put
any
of
to
recommendations
to
or
into
effect,
any
actually utilize
of the
information which it
its
to
makes
members,"
busiest
first
month
of
the
six.
Contributing
factors this year are the gradual
expansion of loans to veterans
under
the
which
program
G.I.
bill
the
loan associations
ipation
duction
of the
of
in home
the
.
are
rights, in
savings and
making the
transactions.
further
some
Antic¬
relation
building has also led to
associations'
cash, it
of
needs
for
more
was
"The
war
for
supplementary
funds, he said, but a change in
the trend
is likely to
be seen
shortly.
As of June 30, the num¬
ber of associations using a part
of their credit line was 127, as
compared with 302 in December,
1941."
.
provision
Stan¬
for
an
report of the Foreign Rela¬
Committee
recommending
"Those
are
things
which will be done by the indi¬
vidual governments or their citi¬
Schwellenbach Wants
zens."
tary of Labor, Lewis B. Schwell¬
enbach, told a press conference
that he intended seeking admin¬
istrative authority for his depart¬
adherence.
Requirements
member na¬
tions are four; to make periodic
reports on food and agriculture,
to contribute to the organization's
financial budget, to grant to the
staff of the organization "what¬
ever
diplomatic privileges
are
possible under constitutional pro¬
cedures," and "to respect the in¬
ternational
upon
character1
of
the
or¬
the past.
service
Labor-Manpower Agencies
Under Labor Dept.
President Truman's
ment
the
all
over
scattered
new
Secre¬
Government's
and
manpower
agencies, including perhaps the
Manpower Commission, the
National War Labor Board, Na¬
tional
Labor
United
States
Relations
Board,
Employment ^Serv¬
other
and
wants the
labor
Labor
units. _He
Press
few
days
earlier
sub-committee
Senate
a
headed
by
Senator Claude Pepper (D.-Fla.),
recommended that any wages be¬
low 65 cents an hour be consid¬
ered
sub-standard.
The
Senate
bill, introduced by Senator Mead
(D'.-N. Y.), acting for Senator
Pepper, who was absent because
of
the
said
ten
death
of
have
to
his
father,,^ was
sponsorship of
the
Democratic members.
<
In
offering the measure to the
House, Rep. Frank E. Hook (D.¬
Mich.) estimated that some 10,000,000
workers
might
be
af¬
fected.
Similar bills were
duced by
intro¬
Reps. Walter B. Huber
(D.-Ohio),
Donald
L.
O'Toole
(D.-N. Y.) and Melvin Price (D>
111.).
The proposed legislation would
industry
empower
committees
raise the minimum in
to
particular
hour im¬
a
industry to 75 cents an
mediately and also would author¬
ize them to set higher minimums '
for key occupations.
The press'
continued:
accounts
v.-
Another
change would make
wage-and-hour provisions applic¬
able to seamen, persons employed
in the processing of fish and allied
products
ployed
and
individuals
"within the
'em¬
of
area
pro¬
duction."
labor
War
ice,
A
the Associated
dispatch from Wash¬
July 18.
a
..
said
tions
reached,
stated
the
continued, has
objective of serving as a
world-wide
pool
of
"the
best
knowledge and experience relat¬
ing to nutrition, agricultural pro¬
is
Bank
30.
bulk
building is causing projects to'be
more rapidly than in
(on
wage under the Fair Labor
65
1945
New York "Times"
ganization's staff by not attempt¬
ing to influence any of their na¬
tionals who may be selected for
The
also
bill
exemptions
visions
of
eliminate
hours
pro¬
employees
operations
engaged in
agricultural ^ or
on
horticultural
try
would
from the
commodities,-
poul¬
r\"-
livestock.
or
The National War Labor Board's
Department~ex-
the Associated Press from Wash¬
recently announced policy of bar¬
ring reductions in wages paid in
in-
ington, July 17, but has not made
reconversion
from
stances by shortage of other ma¬
terials than structural steel.
his mind definitely just what
agencies should'be merged under
similar
work
forwarded
At the
time
same
tracting, is held back in
"Pig
iron
con¬
some
production
is
suffi¬
cient to fill heeds but is critical,
as neither producers nor consum¬
have much
backlog and with
number of blast furnaces down
a
for
repairs
costs
there
or
is
little
of
because
high
margin of
"No betterment has appeared in
steel and iron scrap supply and
while
melters
Manufacturer May Pass on
Wage Increase to Retailer
Federal Judge Harry E.
Kalodner,
in a precedent-making de¬
cision of far-reaching importance
the
in
dressmaking industry, on
dismissed the Office of
Price Administration suit against
July'
19
are
hot
distressed
Brothers,
ruled
a
that
add
pass
Cotton Spinning for June
Bureau
nounced
ing to
140,502
were
on
of the
Census
an¬
July 20 that, accord¬
preliminary figures, 23,-
in
on
cotton
spinning
spindles
place in the United States
June
30,
1945,
of which
22,-
188,330 were operated at some
time during the month, compared
with $22,167,678 in May, 22,158,674 in April, $22,232,168 in
March,
22,223,848 in Feb., 1945, and 22,379,602 in June, 1944. The aggre¬
gate;
hum
hours reported for the month
9,239,765,994,
was
of
399
per
spindle in place, compared
with 9,634,335,228, an average of
416 per spindle in place, for last
an
average
9,711,397,520,
an aver¬
age of 417 per spindle in place,
for June, 1944. Based on an activ¬
and
Inc.,
manufacturer
may
wage
and
increases to his costs
the increase to the
according to an Asso¬
on
retailer,
ciated Press dispatch from Phila¬
delphia, Pa. The OPA on April
26,1944 had filed a $100,000 tripledamage suit, accusing the
of overcharging on
pany
The
the staff."
on
Biberman
safety.
month and
"Steel" of
mary
nations
the
will
extras
First reports had the
lowered."
!
price
The
some
20
pay
available
lead
and
House, to increase the minimum
of
last
adhere,
to
ders
there has been no possibility of
necessary.
"Contrary to reports last week- building reserves to the desired
the; base price of cold-finished point and some apprehension is
carbon steel bars is expected to be felt as to supply for the winter."
while
which
to
have announced their intention to
parts,
within
simul¬
Senate
June
new
the volume
the
ganization,
"Some relief is reported given
manufacturers
of
au t o mo bi le
some being able to place or¬
for early shipment, part of
in
and Wisconsin the first six months
loan
ments,
overbalance
sufficient
has been proposed,
similar bills introduced
dards Act of 1938 from the pres¬
ent 40 cents per hour minimum to
and
institution
than
more
been
advanced
Chicago advanced 3.9% more
to: its member savings, building
thority
ers
backbone
fortunate automobile
more
of
quarter,
booked into November, with some
129,500 tons of this type
of products materialized.
Direc¬
Loan Bank
best use of farm, fishery and for¬
estry resources."
It has no au¬
out, including public work and in¬
ments for
Home
pointed out.
years
have seen a
steadily decreasing number of as¬
sociations calling on their reserve
temporary snag
Navy require¬
a
when
Federal
following the order to reduce in¬
ventories from 60 to 45 days sup¬
ply, but more are expected to ap¬
pear soon.
Tightness continues in
all major products except plates,
the latter being available for Au¬
gust delivery in some instances,
with expectation that further eas¬
ing will be felt in fourth quarter.
As a result of the tightness there
is limited opportunity to schedule
sheets, strip, bars and wire for
civilian
products before fourth
quarter, except in cases where
priority relief is afforded.
Mills
had heavy carryovers from second
delivery
structural
week
in
Legislation
in
taneously
increase of 5 cents per hour each
year until a minimum of 75 cents
its
output would be avail¬
able in July and August.
Pros¬
pects for September deliveries on
The
like period
Gardner, presi¬
dent, reports a total of $23,953,890
lent during the half year ended
itself
gages needed for automobile pas¬
Laker Wage iimtim
country was committed,
according to the "Times" report,
simply to membership in the or¬
the current quarter.
senger car
special
a
from Washington on that
date, by passage of a measure al¬
ready approved in the House.
far different picture.
"Recently it was disclosed to a
and Strip Industry Com¬
mittee by WPB officials that little
if any steel sheet and strip of the
Organization,
Seek Raise in Fair
1945 ;m:I
Agri¬
stated
with little expectation of substan¬
tial reduction of backlogs during
Sheet
Food, and
dispatch to the New York "Times"
steel sources
continue to predict that the fourth
quarter of this year will see a
some
membership
Nations
culture
July 21
in
the
This
"Cancellation of steel orders
mill
Advances by FIILB
Of Chicago In First
The Senate approved on
American
443
dozen
8,901
Judge Kalodner
damages
or
injunction. The dispatch
dresses.
refused
grant
com¬
an
to
award
further went
on
to say: u
are
man¬
entitled to add the
increase as an item of labor
cost regardless of whether the ar¬
wage
bitrator
his
was
"right
decision.
rule
under
He
which
the Biberman
wrong" in
or
added
that
OPA
the
company
the
sued
does not
specify the manner in which ceil¬
ing prices are td be determined,
but only provides a method for
ascertaining "minimum allowable
costs" of production, and that as
there is no other regulation fitting
exactly, OPA could not prove
damages.
The
OPA,
in its
suit, had
charged that inclusion of an 8V2%
increase awarded workers
ity of 80 hours per week, cotton
spindles in the United States were in the dressmaking industry by
operated during June,
1945, at an arbitrator might not legally be
in
the
manufacturer's
118.8% capacity. The percent., op, included
wage
the
same
activity basis, was 114.8
for May, 116.9 for April, 121.8 for
costs
because
tween the
Dress
the
contract
be¬
Philadelphia Waist and
Manufacturers'
Association
March, 122.2 for February, 1945,
and the International Ladies' Gar¬
and 118.5 for
ment
June, 1944.
Workers'
Union
doeS
not
he
according
stated
to
up
rates
met
paid for
its
first
challenge today.
He expects to confer
his control.
war
Edward O. Werner, attorney for
with the heads of the agencies now
the American Car & Foundry
having
of
independent
status.
The
Associated Press also had the fol¬
lowing to
in the matter:
Secretary em¬
phasized that if he did recom¬
mend taking over WLB and NLRB
it
would
be
only' to do their
"house-keeping"—try to improve
and speed up their procedure.
The
say
Labor
new
He
wanted
any
stabilization,
WLB
whether
asked
was
he
authority over wage
now
handled
by
and the Office of Economic
Stabilization.
He
replied he
be¬
Co.,
Wilmington, Del., sought a re¬
in rates paid mechanics
its war-time shipbuilding plant
duction
in
when
transferred
railroad
car
building and repair work in
re¬
to
conversion.
He asserted that the
fications
*
'
were
hazardous in
different
car
\
job classi¬
less
and
building and that
his
company lost money oh re¬
pairing 15 cars recently because
it paid the higher shipbuilding
wages.
lieved his department should have
some
say
in the matter but "not
become
to
an
labor unions
errand
or
boy for the
WLB" to Stabili¬
zation Director William H.. Davis.
Mr.
Judge Kalodner ruled the
ufacturers
panded,
on
Schwellenbach,
conferences he
leaders
all
has^ad with 30
of
of
them
favored
his
de¬
partment taking over every gov¬
ernmental labor function, except
the railroad mediation machinery.
Reporting on his reorganization
studies, the Secretary said he had
written
the
Senate
and
House
Labor Committees urging legisla¬
tion to create two additional As¬
sistant
Secretaries
of
To Hold '46 Convention
reporting
AFL, CIO, railroad
brotherhoods, United Mine Work¬
ers, and independent labor groups,
said
Illinois Bankers Assn. '
Labor.
The
tion
Illinois
will
convention
in
Bankers
hold
its
1946
Associa¬
annual
at the Jefferson
Hotel
St.
Louis, May 1, 2. and 3.
Harry C. Hausman, Secretary, an¬
nounces
that a full program of
activities for Illinois bankers has
been
scheduled,
contingent,
of
course, upon ODT restrictions on
travel and the relaxation of the
present
ban
meetings.
rest
of
on
The
the
holding
of
program for
Association year
such
the
be¬
gins with committee meetings in
Chicago at the Palmer House the
provide for an increase "of a per¬ week of Sept. 10. The fall group
meetings will be held for the
centage of the basic pay."
Similar OPA suits were reported Northern Groups the week of Oct.
8
and for the Southern Groups
pending against a dozen other
the week of Oct. 22.
The MidPhiladelphia manufacturers.
Winter Conference will be held
Sydney M. Friedman, OPA at¬
torney, said the decision probably at the Palmer House, Chicago,
would be appealed.
Feb. 22, 1946.
The activities of
The Biberman company operates
the present Association year term¬
plants at Sunbury, Northumber¬
inate with the annual convention
land
and
Philadelphia, and at
Wilmington, Del.
in
St. Louis.
j
*"*, ■ v*w>& >i.{\
«&.
(foody's Bond Prices And Bond Yield Averages
Statistics
Weekly Goal end Coke Production
Moody's
last year was
Jan. 1 to July
of 6.9% when
the period from
preceding week.
Output in the corresponding week
12,290,000 tons. The total production of soft coal from
14, 1945, is estimated at 317,151,000 net tons, a decrease
compared with the 340,611,000 tons produced during
Jan, 1 to July 5, 1944.
.
,
was ran
Dally
121.04
119.20
116.02
108.34
113.12
115.82
121.04
119.20
116.02
108.34
112.93
115.82
119.20
121.04
119.41
116.02
108.34
112.93
115.63
121.04
119.41
116.02
108.34
112.93
115.63
119.41
116.02
121.04
108.34
119.41
116.02
115.63
122.86
112.93
122.90
;
119.61
116.22
108.34
113.12
119.61
121.04
115.82
116.22
119.61
116.22
108.34
113.12
119.61
121.04
115.63
116.22
Exchange
119.61
116.22
108.34
119.61
116.22
121.04
115.63
122.89
113.31
13
116.22
108.34
119.61
121.04
119.41
115.63
116.02
113.12
122.87
119.41
108:34
119.61
121.04
115.63
116.02
113.12
122.87
119.41
116.22
108.34
113.12
119.61
116.02
121.04
115.63
122.89
108.34
113.12
115.63
119.41
112.93
115.63
119.61
July
108.16
115.43
119.41
August
—
14
11
-
_
10
116.02
7.
121.04
119.41
116.02
9_
121.04
119.41
116.02
_
1178
6—
—
1945
1945
12,000,000
8,126,000
2,000,000
1,625,000
average
adjustment.
fSubject to current
ESTIMATED
July 15.
1944
1945
12,290,000 317,151,000
2,048,000
1,919,000
*Juiy 7,
July 14.
coal & ligniteTotal,' Including mine fuel-
PRODUCTION OP
.
1945
1,236*000
1,231,000
127,800:
total
States
(United
141,900
tExcludes colliery
tExcludes couiery
fuel.
iutu.
IN NET TONS
BY STATES,
119.20
116.02
108.16
113.12
115.43
119.41
119.20
116.02
108.16
112.93
115.43
119.41
115.82
107.80
112.75
115.43
119.20
22
119.20
112.75
115.43
119.41
fanuary
115.82
107.80
February
120.84
119.00
115.63
107.62
112.37
115.24
120.63
119.00
115.43
107.44
112.37
114.85
119.20
115.43
115.43
118.80
115.43
107.44
112.19
25
120.63
118.80
115.43
107.27
112.19
114.66
119.41
115.43
120.84
118.40
115.43
107.09
114.46
119.41
115.24
112.19
ll.i—
May
115.24
107.03
112.00
114.27
119.41
120.84
118.40
107.09
112.19
114.27
119.20
4
120.84
118.40
115.04
106.56
111.81
114.27
119.20
118.60
115.04
106.56
111.81
114.46
120.84
118.40
115.04
106.39
111.44
114.46
119.20
115.04
114.85
121.04
118-40
114.85
106.04
111.25
114.27
119.20
118.60
114.46
106.04
110.52
114.08
119.41
105.17
109.24
113.89
118.60
6—
Citato—
Alabama———-—
.
24,
24,
.
;—....
120,000
I,352,000
550,000
1,074,000
439,000
45,000
40,000
and
Indus
U.
R. R.
Baa
A
Aa
1.62
2.60
2.69
2.85
3.26
3.00
2.86
2.60
2.69
2.85
3.26
3.01
2.86
3.01
2.87
2.85
2.60
2.68
2.85
2.60
2.68
2.85
3.26
3.01
2.87
2.68
2.85
2.60
2.68
2.85
3.26
3.01
2.87
2.68
2.60
2.67
2.84
3.26
3.00
2.86
2.67
Month
2.84
3.26
3.00
2.87
2.67
2.60
2.67
Year
2.67
2.84
3.26
2.99
2.87
2.67
2.67
1.60
2.84
1.60
2.60
2.68
2.84
3.25'
3.00
2.84
3.26
3.00
2.85
2.60
2.60
2.68
1.60
2.68
2.84
3.26
3.00
2.87
2.60
2.63
2,000
.
67,000
•
10
32,000
87,000
121,000
92,000
355,000
253,000
25,000
24,000
1,984.000
1,155,000
789,000
188,000
v
' ■-
■
■
110,000
.
1,160,000
805,000
152,000
IS45
2.60
2.69
2.85
3.27
3.01
2.88
2.68
2.69
2.85
3.27
3.00
2.88
2.68
Closed
Exchange
2.60
2.85
;
2.85
2.60
2.69
2.85
3.27
3.00
2.88
2.68
1.60
2.85
2.60
2.69
2.85
3.27
3.01
2.88
2.68
1.59
2.86
2.61
2.69
2.86
3.29
3.02
a.88
2.69
1.59
2.86
2.61
2.69
2.86
3.29
3.02
2.88
2.68
3.04
2.8.9
2.68
3.04
2.91
2.69
♦2.8
*1.2
2.6
5.2
:
1.2
2.4
*1.9
0.5
*6.8
♦5.1
*1.9
1.0
0.1
under similar week in previous year.
1.3
2.73
2.90
3.36
3.07
2.94
2.69
2.90
?
ol
2.72
2.90
3.36
3.07
2.93
2.69
everything
2.69
done
2.88
2.62
2.71
2.88
3.31
2.91
12.69
1.64
2.88
2.62
2.71
2.88
3.32
3.05
2.92
2.68
3.33
3.05
2.93
2.68
v
3.05
1.64
2.89
2.61
2.73
2.88
1.63
2.89
2.61
2.73
2.89
3.33
3.06
2.94
2.68
2.90
3.33
3.05
2.94
2.69
13
■Ilgh
Low
1.64
2.90
2.61
2.73
2.90
3.37
3.09
2.93
6
(an.
1.62
2.60
2.73
2.91
3.39
3.10
2.94
31
1.60
1.69
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.68
23
2.96
2.68
2.75
2.97
3.44
3.21
2.98
2.72
26
1.77
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.59
2.84
2.60
2.67
2.84
3.26
2.99
2.86
2.67
1.80
3.03
2.72
2.80
3.05
3.56
3.36
2.94
2.79
1.81
3.10
2.69
2.81
3.09
3.79
3.54
2.95
2.79
1945—
1945
1944.
24,
2 Years Ago
July
1943.
24,
tThe latest complete
list of bonds used in computing
these indexes was published
14, 1943, page 202.
issued
debits," which we
of the Federal Reserve System
monthly summary of "bank
June 11 its usual
?
1945
"Week Ended—
;April 7—
April 14
April 21—
-April 28.
', May. " 5.
May 12
May 19
jMay 26——
June 2
—...—
•
1944
4,321,794
4.361,094
0.9
3,882,467
1,480,738
4,307,498
+
0.6
3,916,794
1,469,810
1,696.543
1.709,331
4,344,188
+
1.5
3,925,175
1,454,505
4,336,247
+
1.8
1,429,032
1,688,434
4,397,330
4,233,756
4,238,375
+
3.9
1,436,928
1.5
1,435,731
1,704.426
'
4.327.028
June 16
4.348,413
June 23
•
,
July
July
7——
14.,
•
21——
July 28—.—
July
4,245,678
4,291,750
+
3.1
+
0.9
3,866,721
3,903,723
3,969,161
3,992,250
3,990,040
4,144,490
+
1.4
4,264,600
4.287,251
+
1.5
+
1.4
—
4,325,417
+
0.8
4.353,351
—
June 30—.
:
4,302,381
4,377,221
4,329,605
4,203,502
—
4,327,359
+
0.6
3,978,426
3,940,854
+
1.0
4.358,277
4,295,254
4,377,152
4,384.547
4,380,930
.4,390,762
—
1.9
■f.VO.l
1,425,151
1,705,460
1,381,452
1,615,085
3,925,893
1,435,471
1,689,925
4,040,376
4,098,401
1,441,532
1,702,501
4,120,038
4,110,793
3,919,398
4,184,143
.4,196,357
4,226,705
1,456,961
1,341,730
1,723,428
1,592,075
1,415,704
1,433,903
1,711,625
1,727,225
1,440,386
1,732,031
1,426,986
1,724,728
27,103
86,816
3,033
10,348
9,415
4,523
14,901
13,771
2,803
2,481
8,196
7,523
2,632
2,404
7,846
7,214
10,483
35,741
77 6,673
33,409
—
——
-
Louis
2,310
2,363
—
1,699,227
1,440,541
9,981
102,669
11,728
Chicago
St.
10.895
5,130
t
;
"
Minneapolis
Kansas City
6,287
4.107
3,937
2,644
2,243
7,787
6,797
2,278
2,007
6,721
6,062
6,245
21,042
18.85C
81,723
;
San Francisco
1,222
7,116
67,259
33,678
24,708-
94,975
79,648
40,635
36,049
120,188
110,405
7,410
V
6,502
21,761
20,014
1,456
.
—
—
Total, 334 centers
♦New York City
:——
V
•140 other centers
210,068
236.923
'
•'
—.
t
193 other centers.
♦Included In the national series
„
—,
covering 141 centers, available
the \
beans.
Brazil, it is stated anticipates a';
of approximately two million,
bags, and even though Brazil has
inquiries from South Americar^
crop
been
assured
Trade]
U.
Si
their
usual,
quota as in the past. In the Dom-i
inican Republic many farmers are5
neglecting cocoa, preferring to de-f
their efforts to
vote
more
profit-;
,
tensive
1945
3,206
3,558
Philadelphia
Richmond;
increase
1944
1944
36,317
!
York
1,698.942
+
New
to
cocoa
May
May
May
1945
District—
1,699,822
9
June
1944
4,332,400
4,411,325
4,415,889
.
'
over
1929
present
With the cessation oV
hostilities, however, given betteiV
prices for cocoa, farmers could bC{
encouraged to return to more in- ;
3.698
1932
at
production of
etc.
corn,
RESERVE DISTRICTS
—3 Months Ended—
% Change
1943
having diffi^ ]
securing ample labor due.i
mainly to the fact that most of i
the countries, visited are producing
strategic materials needed by the ;
United States, and as a result,:!
there is not sufficient labor avail-i:
culty
able commodities like coffee, rice
*
give below:
Federal Reserve
unfortunately^;
and European countries, the
has been advised that the
Bank Debit
on
but
beans,
most countries were
able
computed from average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of
actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
♦These prices are
possible was
being
production of!
increase
to
cocoa
1 Year Ago
July
an
2.69
2.91
.
„
Witkin, President of the
New York Cocoa Exchange, Inc.,j-i
and President of General Cocoa
2 61
1.64
—
25——-
SUMMARY BY FEDERAL
(Thousands of Kilowatt-Hours)
Trip
Isaac
2.61
3.31
May
DATA FOR RECENT WEEKS
Returns From
2.90
'2.88
0.6
•
:
Witkin of Cocoa Exchange
2.89
2.87
2.70
*2.9
*5.0
.
24
1.63
2.70
2.62
3.8
6.8
4.1
*1.6
258.0i
———252.1
.
1.63
2.61
2.88
The Board,pf Governors
.
*■*-''•■" 245.7
20:
2.87
1.64
11
*0.5
'7
■—
—
\pr. 27
1.60
l.l
2.9
•
Jan.
Low.
254.4
—
1—
2.73
8.——
1
2.3
*1.3
,
21
Dec,
Nov.
Co., Inc., recently returned from^
extensive trip throughout the
cocoa-producing area in the West¬
ern
Hemisphere, visiting Brazil,
Trinidad, Venezuela and the Dom- v
inican Republic. - Members of the j
Cocoa Trade were informed that;;
:
3.30
; June 30
2.9
*1.4
High,
Low,
1945 High, June 12
have
*0.5
*2.6
3.0
rr-Total United States.
2.67
2.85
—
July 7
July 14
July 21
*1.0
—
2.87
' ' "
OVER PREVIOUS YEAR
• :
Week Ended
———
.
3.01
in the issue of Jan.
-
,
Southern States
256.7
256.8
249.6
———
1944.
2.68
3.27
4
electricity by the electric light and
power industry of the United States for the week ended July 21, 1945,
was approximately 4,384,547,000
kwh., which compares with 4,380,-930,000 kwh. in the corresponding week a year ago and 4,295,254,000
jkwh. in the week ended July 14, 1945.
The output of the week
ended July 21, 1945, was 0.1% in excess of that for the same week
■V
2.87
2.85
1.59
15
8,674,000
II,920,000
Institute, in its current
West Central....
3.00
2.63
Closed 1
Exchange
1.60
—
22
May
the production of
PERCENTAGE INCREASE
3.26
2.60
Stock
4
3
;77?:2—
*
,2.85
2.85
1.60
June 29.
-
1944
1.60
Stock
6—
.
Exchange Closed
2.84
2.60
1.60
'5
1,453.000
92,000
—
9..—
2,000
2.84
1.59
777 ii.
21,000
30,000
43,000
1,000
Central Industrial—..—r—....
June 23
July 24,
2.67
2.85
ago,
ago,
2.67
2.85
2.87
1.60
3,000
103,000
for Week Ended July 21,
Geographical Divisions-
20
July
1.60
2.85
123,000
Middle Atlantic—
Friday.
1.60
16-
2,137,000
,New England——.——
Wednesday, July
Saturday, July 21.^
Monday, July 23—
Tuesday, July 24
—————
Two weeks ago, July 10—.—
1.60
8,126,000
The Edison Electric
>■
254.6
254.7
254.7
254.7
254.7
254.8
254.4
17, 1945——— —
18.
—;
Thursday, July 19—
——
2.68
12——
1,000
lignite
!
July
Tuesday,
2.69
3.26
25,000
770,000
V
56,414,050 sold
$50,000 sold.
than
2.85
Exchange Closed
40,000
2,958,000
.
55,600.000 sold
34,400,000 sold
—.
•Less
2.69
2.85
2.85
1.62
Stock
7.
2.87
p.1% Above That for Same Week Lastreport, esti¬
Year
weekly
♦Decrease
Corporate by Oroupa*
Corporate by Ratings*
Aaa
rate«
1.60
18,000
Electric Output
Rocky Mountain
Pacific Coast
Avge.
Corpc-
Stock
1,000
..
April
Hoodf's Daily
Commodity index
13—
550,000
:7
2,940.000 sold
March
Prices)
14—
*eb.
,
117.20
118,000
667,000
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.
on the B. & O. in Kanawha, Mason, and Clay counties.
{Rest of Includesincluding
State, Arizona
§
Panhandle District and Grant, Mineral, and Tucker counties.
Oregon.
♦Less than 1,000 tons.
^iiajor
114.08
18—
liar.
1
103.47
"■.19—— :
530,000
1'.
•
99.3S
$67,475,000 sold
48,131,000 sold
January
AVERAGES
273,000
213,000
last year.
111.44
407,000
23,000
;
mated that
116.80
24_.
July
{Includes operations on
•
119.20
947,000
37,000
(bituminous & lignite)
Wyoming..;
„
{Other Western States
the
111.25
;
i
February
117.20
125,000
83,000
tWest Virginia—Southern
♦West Virginia—Northern
and
114.27
20
1,987,000
Utah
Total bituminous &
106.56
Bonds
vverages
21.—:
88,000
Virginia^..--
;
103.13
Govt.
82,000
2,000
:
——
112.19
23_-
-
Pennsylvania (bituminous).—
Tennessee
Washington
117.00
22,000
;
——
Texas
118.60
12,000,000 sold
1945—
May
277,000
North & South
•
112.56
u. s.
Dally
281.000
ii
5,900,000 sold
.
December
118.20
120.52
1945—
1944
6,000
—
„—
Montana (bitum. & lignite)
New Mexico
i
Dakota (lignite).—
Ohio.—'..—.—i
V
119.61
113.70
115.000
Michigan
i"
115.82
103.52
598,000
Kansas and Missouri
Kentucky—Eastern...—
Kentucky-—Western.
Maryland
-
113.31
104.48
(Based on Individual Closing
70,000
—
Iotva
108.34
113.31
MOODY'S BOND YIELD
37,000
Indiana
„
July 8,
1,000
Illinois
116.22
117.80
November
June
1943.
933,000
Carolina..
Georgia and North
119.61
118.80
2 Years Ago
88.000
Colorado
•
121.04
113.50
120.01
1944.
6,000
74,000
-
,
Oklahoma,.-
Arkansas and
118.00
116.22
120.55
95,000
•
5,000
—
—.—
119.41
123.05
1945:
1 Year Ago
■372,000
303,000
113.89
113.70
26
High 1945
jOW
120.02
114.66
121.92
23——
*eb.
463,000
Alaska
v-
—
31
July
:
p'.
Optober
120.84
119.20
115.04
*
18,484,000 sold
18,992,500 sold
28,100,000 sold
——
115.04
Mar
authorized
■
—
August
13
COAL AND LIGNITE,
1945
June
July
September
ran.
June 30,
May
115.04
July
,v.;
1945
16,511,300 sold
9,965,000 sold
20,500,000 purchased
118.40
1937
1,988,400
,>
11,500.000 sold
20
28,590,000
„
.
April
120.84
July 17,
33,643,000
$9,924,000 sold
105,100,000 sold
March
27.
ipr.
,,
,
115.24
-Week Ended-
July 7,
115.24
-
—
4,800,000 purchased
-
1944—
119.20
120.63
114.85
December
119.41
115.63
122.23
1
estimates are based on railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports from district
of final annual returns from the operators.)
.
'
119.20
120.84
115.82
122.97
15
Date
4,145,500
___
:
$5,000,000 sold
November
120.84
''
sales or purchases
No
October
121.04
(The current weekly
ments and are subject to
and State sources or
119.41
121.04
§Revised.
PRODUCTION OP BITUMINOUS
ESTIMATED WEEKLY
115.43
116.02
COKE
truck from
shipped by
and coal
{Subject to revision.
wuuj^v
lt/ision.
and dredge coal,
washery
♦Includes
operations.
.
113.12
115.82
30,095,000
3,262,900
lOSTOO
v
108.16
67,757,200 sold
15,800,000 sold
2,651,600 sold
—
September
18
35,050,000
28,892,000
27,738,000
Beehive coke—
K
116.02
$145,768,000 sold
;
;
115.82
7r:.:7?;;
1944
1,187,000
933,000
836,000
1,282,000
119.20
Closed
years:
1943—
122.97
8
2,040,000
July 15,
July 14,
1944
1945
1945
♦Tota) incl. coil, fuel
tCommercial produc.
July 15,
§ July 7,/
tJuly 14,
two
122.93
1944
-Calendar Year to
Week Ended
anthracite—
108.16
121.04
115.82
2
Tons)
Net
116.02
Exchange
340,611,000
PENNSYLVANIA ANTHRACITE AND
(In
119.20
121.04
116.02
4
Jan. 1 to Date
tJuly 14,
July 15,
Week Ended—
7,-:
5
Government securities for the last
June
112.93"
in
transactions
Treasury's
June 29
LIGNITE IN NET TONS
Bituminous
116.22
116.02
on
following tabulation show3
The
the
Closed
announced
Morgenthau
tary
July 16.
122.94
16
COAL AND
PRODUCTION OP BITUMINOUS
UNITED STATES
.
Penn.
116.02
119.41
Stock
17
The calendar year to date
compared with the corresponding
resulted
$56,414,050, Secre¬
in net sales of
12
■$£,4;;
■"Revised;
of the
invest¬
119.41
116.02
3
Daily
Closed
1 Sxchang
122.84
—
18
also reports
The Bureau
il"
guaranteed securities
ment and other accounts
119.20
116.02
116.02
Stock
...
19
that the estimated production of bee¬
hive coke in the United States for the week ended July 14, 1945
showed an increase of 19,100 tons when compared with the output
.for the week ended July 7, 1945; but was 14,100 tons less than for
the corresponding week of 1944.
i
Indus
P. U.
122.80
21—
3.7%.
46,000 tons, or
decrease of 17.6% when
ESTIMATED
R. R.
Baa
122.62
—
20
week of 1944.
7."
Aaa
rate«
A
122.64
24.
ended July
Corporate by Groups*
Corporate by Ratings*
Aa
Government for Treasury
and
Avge.
Corpo-
Bonds
averages
July
the Bureau of Mines, was 1,282,000 tons, an
(37.4%) over the preceding week. When
with the output in the corresponding week of 1944 there
increase of
shows a
U. S.
Govt.
1945—
June,
of
transaction in direct
1945, market
Yields)
(Based on Average
month
the
During
MOODY'S BOND PRICESf
14, 1945, as estimated by
increase of 349,000 tons
compared
In Govts, in June
following table.
23
anthracite for the week
of Pennsylvania
rVi Production
Llarket Transactions
prices and bond yield averages are
computed bond
given in the
production of bituminous coal and lignite during the
"week ended July 14, 1945 is estimated by the United States Bureau
of Mines at 12,000,000 net tons, an increase of 3,874,000 tons over the
The total
1945
Thursday, July 26,
CHRONICLE
& FINANCIAL
THE COMMERCIAL
beginning in 1919.
Mr,
special
cocoa
Witkin
cultivation.
is
-
]
Chairman, of,>
committee
appointed
bs
the
New York Cocoa Exchange
Inc., to study ways and means o;,
increasing5
cocoa? productiorf
throughout the world, particularly
in the Western Hemisphere, anc,
he took the opportunity during
his visit to suggest" to the official;,
modern
methods
of
production
and
long
transportation, which in th<
run should encourage the in
of production in the West
Hemisphere.
crease
ern
.
,
j
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4406
Volume 162
Trading
prices
York Exchanges
Mm
on
Commission made public on July
The Securities and Exchange
"
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume 6f round-lot stock transactions for the account of all
38
in the week ended June 30*; continuing
members of these exchanges
published weekly by the Commis¬
shown separately from other sales in these
series of current figures being
a
r
sales
Short
sion.
figures.
Trading
are
'
•
<
Stock Exchange for the account of
the
on
which amount was 15.07%
This
Exchange of 12,973,920 shares.
of the total transactions on the
June 23, of
with member trading during the week ended
compares
members
30 (in round-
(except odd-lot dealers) during the week ended June
lot transactions) totaled 3,909,636 shares,
3,331,086 shares, or 14.45% of the total trading of 11,529,100 shares.
On the New York Curb Exchange, member trading during the week
ended June 30 amounted to 978,295 shares or 12.38% of the total
ended
shares
shares. During the week
account of Curb members of 834,095
12.90% of the total trading of 3,233,350.
volume
that exchange of 3,951,870
on
June 23 trading for the
t
was
{Total Round-Lot
Stock
Sales on the New York
for Account of
Transactions
:'l:
.
1945
•
354,020
Short sales
ceilings.
seasonal
index for all commodities other
than farm products and foods remained unchanged during the week
at a level of 0,1% above a month ago and 1.2% above the correspond¬
ing week of last year.
Mercury prices continued to decline on cau¬
Turpentine advanced about 4% following the decline
of the previous week.
Seasonally lower prices for potash caused a
drop of 0.2% in the group index for chemicals and allied products.
Other commodities remained generally unchanged."
The Labor Department included the following notation in its
report:
\
*
; *
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
tics will attempt promptly to report changing prices.
The indexes
must be considered as preliminary and subject to such adjustment
and revision as required by later and more complete reports.
The following tables show (1) indexes for the principal groups
of commodities for the past three weeks, for June 16, 1945 and July
15, 1944 and (2) the percentage changes in subgroup indexes from
July 7, 1945 to July 14, 1945.
'
<
'
tious buying.
„
.
NYSE Odd-Lot
The
Except
v
for
l. Transactions of
•
1
FOR
JULY
ENDED
WEEK
(1926
ists
14,
6-16
6-30
7-15
1945
1945
1945
1945
Exchange, corK
tinuing a series of current figures
being published by the Commis¬
sion.
The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and
specialists,
•
STOCK
LOT
•
105.9
106.0
JL Other transactions
STOCK
Number
of
7-7
6-16
1945
1945
1944
—0.2 < —0.4
+ 1.6
;
7-15
8.61
118.5
118.5
118.3
116.8
short
sales....
♦Customers'
other
sales.
Customers'
total
sales..,—.
103.8
0
115.8
0
0
95.4
95.4
95.3
106.2
106.2
106.0
94.6
94.6
94.6
93.3
118.7
119.0
95.2
95.3
:;5 95.3
102.0
102.0
102.0
113.9
+ 3.2
Customers'
+
100.6
+ 0.9
99.8
99.8
99.8
S9.7
'•
CHANGES
7,
IN
SUBGROUP
■
Short
+ 1.2
■
+
sales_.____.__,_.._.„
98,450
•Sales
1945
156,880
"short
marked
exempt"
Fertilizer
Total sales
Grains
Sales oh the New Torkv CorV Exchaago aai Stock
for Account of Members* (Shares)
WEEK ENDED JUNE 30, 1945
products..
—
less
liquidate
than
Livestock
.1.3
"other
_
and
a
long position tyblch
round lot
a
reported'Wtb
are
Lumber Movement—Week
.Transactions
Short sales—
——.
'
{Other sales-.
—————————
Round-Lot, Transactions
B.
28,360
3,923,510
they are registered—
269,775
Total purchases——————
Short sales-————.
,
Total :Sales—.~—-—A^————.-—
■ft-.'
■
J. Other transactions initiated
1
f
on
ft'
16,225
.
-■.
,
265,740
{Other sales--,--—————
6.98
281,965
'■
109,710
—————'
88,055
in
96,355
group
{Other sales-
Total sales-
—
8,300
with higher quotations for eggs more than
the prices for potatoes and cottonseed
..
.•
.
{Other sales———
———-
2.61
54,170
1,900
164,420
offsetting small declines
oil.
The farm products
moderate advance with higher prices in the live¬
stock subgroup more than offsetting the small declines registered in
both the cotton and grains subgroups.
The decline in the grains
index was due to lower quotations for wheat at Kansas City and for
transactions.initiated off the floor—
Total purchases———————
Short sales--——————————
•
.
Fertilizer
'
the floor—
Total purchases—————.
Short sales—
—
——
„
*
showed
a
the advance in the livestock index reflected higher prices for
cattle, lambs and eggs.
A fractional decline was shown for the
chemicals and drugs group because of lower prices for alumina sul¬
rye;
Total sales
ft'- .1, Total—»
Total purchases————^———*
Short sales——w——
;
——
V.
ft? ft ft
•
{Other sales—
v
'ft ft ft?
—
Total sales
433,655
26,425
—
—
.
.
544,640
ft
..
518,215
*
.
2.79
•ft-tftftftftftft;-ft;
166,320
-
Customers'short sales————r.——
{Customers' other sales———
The textiles group also declined fractionally. All other
in the index remained unchanged.
During the week 4 price series in the index advanced and 6 de¬
clined; in the preceding week there were 5 advances and 8 declines;
in the second preceding week there were 3 advances and 6 declines.
12.38
0
100,135
100,135
Totalpurchases
*
'
94,223
—
.■
\
1935-1939=100*
V
Latest
%
Exchange members, their
:ftftftftft
tin calculating
purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
includes all regular and associate
firms and their partners,
including special partners.
these percentages the total of members'
">
■
the
Exchange
volume includes only sales.
short sales which are exempted from restriction
tRound-lot
rules
•
are
Included
with
"other sales."
§ Sales marked
"short
Group
142.7
■
17.3
Wholesale Prices Mined 0.2% Ir Week
Lower quotations for a number of agricultural commodities
(caused a decline of 0.2% in the Bureau of Labor Statistics index of
(commodity prices in primary markets during the week ended July 14,
(according to the United States Department of Labor, which on July
|l9 reported that the index, at 105.6% of the 1926 level, was 0.4%
year.
(grains, fruits and
rye
eggs.
Among the grains, substantially lower prices
and for wheat more than offset advances for oats and corn.
Jve
poultry declined seasonally and egg prices were lower.
Prices
dropped sharply as, increased supplies came on the mafket
Lemons and white potatoes were
seasonally higher and small price increases occurred for onions and
for tobacco.
Cotton quotations advanced on reports of a small crop
rith continued heavy demand.
In the past four weeks average prices
for oranges
ind apples were generally lower.
for farm
products have declined 2.1% but were still 3.2% above mid-
Fuly of 1944.
"The food index also
;
Farm
'
100.0
All
♦Indexes
July 22,
and
2—-—— :
Drugs
1944,
on
dropped 0.9%
133.7
132.2
157.3
157.1
152.6
108.9
108.9
as
the result of lower quota¬
rye flour and lower
price decline for
more
of
these
mills
were
than production. Un^
reporting
mills amounted to 110% of stocks.
For
reporting softwood mills, un¬
filled orders are equivalent to <38,
days' production at the current
rate, and gross stocks are equiv¬
alent to 33 days' production.
For the
of
year-to-date, shipments
reporting identical mills ex¬
ceeded production
by 5.2%; orders
by 9.8%.
I
.V
*
!
i-
153.8y
1926-1928
base
were:
July 21,
1945,
126.9
118.3
118.3
118.3
119.9
119.9
119.7
104.8
104.8
141.2
141.6
ft
110.1;
July 14,
ftft v' ftftft :ft
/'■
107.7.
volume
June
of
freight traffic,
handled by Class I railroads in
the first six months of 1945, meas¬
ured
ton-miles
in
freight,
moved
of
revenue
slightly less than that '
in the same period in 1944,
was
announced
July
on
20.
Freight traffic in the ?*rst half of
the current year totaled approxi-;
mately 366,337.903,000 ton-miles,
compared
with
368,733,822,000
ton-miles,
or a
1945,
104.5
V
138.2
110.0;
and
'ftftftft "-ftft
traffic
June
!
decrease of 0.6%.
154.0
125.9
141.3
combined
Increased 3.!
104.4
153.8
125.9
104.8
amounted
to
63,-
600,000,000 ton-miles, according to :
estimates based
on
reports re5-ceived, by the Association from
Class I railroads.
of
crease
June,
10%
This
was an
in-
;
with
compared
3.1%
1944, and an increase of
compared with
the same
in 1943.
The amount of
month
traffic
Oissoliiiisns of Banks and Credit Unions
:
The
New
York
State
Banking
Department
announced
in
its
dissolving and terminating corporate existence of the following
institutions, which have been in voluntary liquidation for one or
more years, filed pursuant to provisions of Section 605 of the Bank¬
ing Law.
"-ft
Date of Order
Merchants Bank of Buffalo, Buffalo, N. Y.__J—_
6-4-1945
Imco Credit Union, Buffalo, N.
Y.
6-8-1945
Hiam Salomon Credit Union, New York, N. Y.___—'
.
6-4-1945
Canarsie State Bank, Brooklyn, N. Y._
6-4-1945
A previous item in the matter
page
2780.
ft
•
ft.-
-
-
by
the
was almost 2Vz
volume carried in June,
ever,
'
ders
Name of Institution and Location—
handled
Class, JI
how¬
railroads in June this year,
weekly bulletin issued June 15 the granting by the court of final or¬
.
tions for fruits and eggs, with a
133.7
119.9
Machinery
groups
130.1
H8.3
Fertilizer Materials
ftft.- ft Fertilizers
.3
154.6
132.0
108.9
Chemicals
.3
158.9
161.6
133.3
125.8
Building Materials-—
y
166.1
160.6
153.8
Metals—
6.1
:'ft :A .3
163.7
133.7
—
160.7
202.8
133.3
Commodities
168.0
214.8
-v'-YV\ftft:.-^
and
Foods—Average prices for farm products
Idropped 0.9% during the week as the result of lower quotations for
Tor
orders
12.7%
filled order files of the
roads
167.1
216.4
161.8
—
Textiles
8.2
''ft-/
['
Products
5.9%
-
for the week
In the same week
July 14, 1945.
new
were
?
production
the Association of American Rail¬
163.0
—_
...
7.1
"Farm
Barometer
below
145.1
■
163.1
157.2
;
1.3
July 14, Labor Dept. Reports
|The Department's advices added:
Trade
the National Lumber
163.1
145.2
*
167.6
Grains...
Miscellaneous
,
163.1
140.8
144.0
145.2
215.5
Products
Fuels.i—————
.
10.8
142.4
Iy
162.4
Cotton
-
corresponding week of last
1944
ft" 145.0
and
Livestock
)elow mid-June and 1.6% above the
1945
Oils
Farm
ft
Ended
1945
Cottonseed Oil
23.0
~
Ago
Julv 22,
Food—
25.3
Fats
exempt".are included with "other sales."
Ago
June 23,
1945
by the Commission's
r
Year
Month
Week
July 14,
Total Index
_
'<
Preceding
Week
Bears to the
Julv 21,
Each Group
"members"
♦The term
porting to
The
Compiled by The National Fertilizer Association
ft ft'
Total sales
Association,
lumber shipments of 470 mills re^-
phate.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
ft'.ft
'
Luriif
groups
Odd-Lot Transactions for Account of Specialists—
O.
Manufacturers
ber
Slightly
price index, compiled by The
Association and made public on July 23, ad¬
vanced slightly to 141.3 for the week ended July 21, 1945, from 141.2
for the preceding week.
A month ago the index stood at 141.6 and
a year ago at
138.2, all based on the 1935-1939 average as 100.
The
report went on to say:
Two of the composite groups of the index advanced during the
latest week
and two declined.
The foods advanced fractionally
National
stocks in which
July 14, 1945
According to the National
The weekly wholesale commodity
for Account of Members:
V'' *j. 1. Transactions -of specialists in
OomsiiodiYy
Pries index Advances
3,951,870
Total sales
v
Ended
Rational Fertilizer Association
Total for week
11
—
Total Round-l^i Stock
A. Total Round-Lot Sales:
v
m
foods
Other
salea "
poultry
l.o
,
—
Meats
ortlert
tSales to offset customers' odd-lot
is
4.4
1.8
...„
materials
Other farm
15.07
2,014,299
——
vegetables..
re¬
are
ported with "other sales."
and sales to
Fruits and
.
.
Number of shares
FROM
Decreases
256,930
40
98,410
Round-Lot Purchases by Dealers:
Paint and paint materials—
0;2
-•••"ftft
ftft
Total sales
0
98.6
Increases
Plumbing and heating
V
'
sales
+ 1.1
0.1
429,465
$15,978,971
—
r
Number of Shares:
'.~
V i" "v.-;.
INDEXES
1945, TO JULY'14,
0
0
99.5
100.6
sales.
total
Dollar value.___.__
tOther
100.6
426,546
ftft
Round-Lot Sales by Dealers*—-''
1.6
—0.1
—0.1
0—0.1
ft
-ft
'ft. 2,919
other sales..
♦Customers'
+ 1.4
—1.2
—0.6
101.0
118.3
19,425
-
ft Number of Shares:
J
ftft Customers' short sales
+ 0.2
:&
; o
0
93.7
101.9
Oftv:
0
.
-
79
0.2
—0.1
—0.2
95.4
106.2
3.11
1,757,369
ft.
.'ftft 19,346
'
•
L
Number of Orders:
+ 1.3
104.8
117.3
100.6
JULY
1,895,337
—.
{Othersales-.———————
+ 1.0
104.8
95.2
PERCENTAGE
Total sales——482,239
+ 1.2
117.4
products and foods
ftTotal—
^
17,918
518,132
$20,521,760
...
+ 1.8
+ 0.4
.
104.8
117.6
437,189
———
-ft
117.3
411 commodities other than farm
45,050
+ 1.5
0
0 :<■;
83.8
94.6
products^_i_i+»__
323,927
—
+ 0.2
0 <ft
O
97.3
84.5
95.2
Manufactured products
All commodities other than farm
3.35
99.1
84.8
0
Semimanufactured articles
457,630
——
99.1
84.8
106.2
Raw materials
54,900
402,730
99.1
>
'
Housefurnishing goods
411,550
—
—
For Week
+ 0.6
Miscellaneous commodities
——
Total
•
...
Oda-JLot Purchases by Dealers—
fC'istomers' sales)
+ 3.2
—1.4
104.8
Chemicals and allied products
Short sales
Total purchases
Short sales—
—2.1
—0.9
117.3
1,074,430
'
ft-
—0.9
105.6
99.1
Building materials
{. Other transactions Initiated off the floorTotal purchases!.———.—————.
:
124.2
84;8
917,450
—
{Other sales——
131.0
1Q7.7
118.5
__
Metals and metal products
———.
——
Total sales————
^
products..
130.1
107.3
Y.
N.
shares
129.4
lighting materials
——
—
THE
EXCHANGE
Dollar value
107.2
Fuel and
156,958
Short sales——
{Other sales——
ON
*
ODD*
DEALERS
Week Ended July 7, 1945
orders
128.2
~
Hides and leather
initiated on the floor-
Total purchases——.
v
THE
«Customers'sales)
106.2
products
—
———
SPECIALISTS
of
103.9
Textile products..—.-..-..
'
ftift ftft-.
ft-ftft: ft
■
Total sales
FOR
Customers'
Short sales_,-----~~-~-------
%''
TRANSACTIONS
ACCOUNT OF ODD-LOT
AND
3945
1944
105.8
the
on
Stock
Number
105.6
Commodity Groups—
All commodities
specialists in stocks in whicb
—
York
July 14, 1945, from—
Farm
,
account
special¬
who handled odd lots
New
Percentage change to
Foods___—
{Other sales
odd-lot
of all odd-lot dealers and
*
purchases—————1,159,860
Total
for
transactions
-ftftftft,
10C)
=
;
-
they are registered—
made
,
for Account of Members,
Odd-Lot Accounts of Odd-Lot
the
Dealers and Specialists:
Trading
and
Exchange
public
on
July 18 a summary for the week
ended July 7 of complete figures
showing the daily volume of stock
Commission
B. Round-Lot Transactions
.
Securities
Odd-Lot Sales by Dealers—
WHOLESALE PRICES
12,973,920
Total sales—:
with
accordance
"Other Commodities—The group
12,619,900 ;
{Other sales
in
primary market prices for foods have dropped 1.4%
0.6% above the corresponding week of last year.
/
.
Total for week
A. Total Round-Lot Sales:
were
Stock
Stock Exchange and Round-Lot
Members* (Shares)
WEEK ENDED JUNE 30,
poultry
dressed
on
Since mid-June
and
Filed
6 -9-1945
6-13-1945
6-14-1945
6-14-1945
times the
!
1939.
v
The following table summarizes
revenue
ton-mile statistics for the
first six months
of 1943 and 1944
(000 omitted):
-
%
,<■
1944
1945
Change
1st 4 mos._
238,137,903 242,748,437 —1.9
Mo. of May
*64,600,000
64,270,148
Mo. of June
t63,600,000
61,715,237
+0.5
+3.1
appeared in our issue of June 21, | Total 6 Mos. 366,337,903 368,733,822 —0.6
♦Revised estimate.
^Preliminary estimate.
Thursday, July 26, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
'446
The American Petroleum Institute estimates that the daily aver¬
14, 1945 was
crude oil production for the week ended July
age gross
4,944,000 barrels, a
high record, up 57,800 barrels per day when
new
It
compared with the preceding week.
also 341,650 barrels per
was
corresponding week in 1944, and
figure recommended by the Petroleum
day higher than the output in the
exceeded the
daily average
barrels.
Administration for War for the month of July, 1945, by 64,100
to
Tin
engineering construction volume in continental United
$50,065,000 for the week.
This volume, not including
by military engineers abroad, American contracts out¬
side the country, and shipbuilding, is the third highest week reported
to "Engineering News-Record" this year, is 10% higher than the
previous four-week moving average, and is 39% above the corre¬
sponding week of 1944.
The report issued on July 19 continued as
totals
construction
follows:
Private construction for the week is 30% lower than a year ago,
averaged
but public construction shows an increase of 73%.
Federal construc¬
^,907,882 barrels. Further details as reported by the Institute follow: tion is 92% higher than a year ago and state and municipal is up
:
Reports received from refining companies indicate that the in¬ 35% compared with the 1944 week.
The current week's construction brings 1945 volume to $1,006,dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,945,000 barrels of crude oil daily and produced 15,349,000 049,000 for the 29 weeks, compared with $1,009,325,000 for the corre¬
Private construction, $288,149,000, is 20%
barrels of gasoline; 1,611,000 barrels of kerosine; 5,197,000 barrels of sponding week last year.
above last year, but public work, $717,900,000 shows a decrease of
distillate fuel, and 9,337,000 barrels of residual fuel oil during the
11% due to the 17% drop in Federal construction. State and munici¬
week ended July 14, 1945; and had in storage at the end of that week
pal construction, $559,303,000, is 18% above the 1944 period.
46,079,000 barrels of civilian grac|e gasoline; 39,322,000 barrels of
Civil engineering construction volumes for the current week, the
military and other gasoline; 10,610,000 barrels of kerosine; 34,804,000 preceding week, and the 1944 week are: -•
Daily production for the four weeks ended'July 14, 1945
100,000,000 lb. in May.
fuel, and 41,489,000 barrels of residual fuel oil.
AVERAGE
DAILY
Week
Change
ables
Ended
from
Ended
dations
Begin.
July 14
Previous
July 14
Week
1945
V
July
Oklahoma
380,000
269,400
1227,700
+
1944
341,250
278,800
900
87,500
88,750
89,150
152,300
West Texas
521,400
153,450
509,500
463,550
East Central Texas—
Panhandle Texas
North
Texas
151,550
139,000
379,500
139,450
378,550
148,350
363,550
Southwest Texas
360,750
359,200
319,750
Coastal
568,950
566,000
531,400
2,209,400
2,194,900
2,067,300
69,700
297,950
72,150
285,400
East
Texas
Texas
38,759,000
24,137,000
•
the.tin situation]
highly critical and in a sta~.
released during the
last week produced figures to im¬
press upon
consumers the need
as
tistical study
the metal wherever
to conserve on
possible in the transition period^
The report placed the stock avail-,
able for allocation as of May 1;
at
23,654 long tons, against 83,076
at
the beginning
of 1942.;
tons
production at the Texas
in'
is estimated
Current
smelter was not divulged, but
market circles output
month.
of primary and secondary tin in
1944" 4!
was
placed officially at 90,352
tons, against 81,840 tons in 1943,
Bolivia shipped tin concentrates
during June that contained 4,537
around
at
3,200
tons
a
United States consumption
metric
tons
of the
.
metal, against
9,390,000
29,369,000
3.386
in
tons
May and 3,029 tons
Exports in the:
first six months of 1945 contained
in June last year.
21,476 tons of tin, which compares,
i
with 17,504 tons in the Jan.-June
8,037,000
period of 1944.
Federal
16,100,000
The price situation in tin was;
*
Current week's statistics.
unchanged last week.
Straits #
In the classified construction groups, gains ever the preceding quality tin for shipment, in cents
week are in waterworks, sewerage, bridges, streets and roads, public per pound, was nominally as fol¬
buildings and unclassified construction.
All classifications show lows:
Oct.
Sept.
Aug.
gains over the 1944 week. Subtotals for the week in each class of
52.000
52.000*
52.000
July 12
construction are: waterworks, $1,554,000; sewerage, $755,000; bridges, July 13
52.000
52.000
52.000
52.00052.000
52.000
$1,373,000; industrial buildings, $5,602,000; commercial building and July 14
52.000
52.000
52.000
July 16_
private mass housing, $1,785,000; public buildings, $16,110,000; earth¬
52.000
52.000
52.000*
July 17
work and drainage, $307,000; streets and roads, $8,860,000; and un¬ July 18
52.000
52.000
52.000
State and
267,450
35,400
$36,063,000)
11,926,000
10,854,000
30,862,000
Public Construction
July 15
387,800
950
+
t900
1,000
—____
#
$49,009,000
10,250,000
$50,065,000_
8,349,000
Private Construction
Ended
900
f389,700
274,000
—
Nebraska
1945
July 1
380,000
—
Kansas
Week
4 Weeks
Allow-
*P. A. W.
41,716,000
Total U. S. Construction—
Actual Production
•State
Recommen¬
,
7-20-44
(5 days)
*7-19-45
(5 days)
(FIGURES IN BARRELS)
PRODUCTION
OIL
CRUDE
7-12-45
(5 days)
v
tinues to regard
.
barrels of distillate
1.
Board con¬
The War Production
Civil
States
reduced
dian aluminum. This was
Civil Engineering Construction $50,635,000
Daily Average Crude Oil Production for Week
Ended July 14 Up 57,800 Barrels to flew High ll|li|;
For Week of- July 1
Municipal-
...
.
_
_
Total Texas
North
Louisiana
2,170,000 }2,174,285
-
—
70,700
296,900
—
Coastal
Louisiana
Total
Louisiana
950
+
,
—f
400,800
367,600
+
950
367,650
357,550
80,000
78,786
80,200
+
200
80,000
53,000
51,800
—
200
51,400
Mississippi
950
+
200
800
150
250
132
50
"
..
Alabama-
Florida
Illinois
—200,000
202,150
13,000
12,900
Indiana
•
--
—
7,100
207,600
196,950
+
1,850
12,400
12,850
Eastern—
64,200
Ky.)
Montana
____
/'
Calif
of
4,879,900
recommendations
+
24,350
ments have been
111; 100
10,950
8,450
50
103,550
1 08,000
+ 48,200
State
3,961,782
946,100
9,600
+57,800
allowables,
shown
as
tThis
includes
is
the
net
shutdowns
fields
shutdowns
basic
and
which
allowable
4,907,882
above,
July
the
for
calculated on
1
entire
entirely
exempted
the
and natural
and
month.
of
a
31-day
With
the
other
certain
fields
basis
and
exception
of
which
for
ordered for from 2 to 15
were
days, the entire State was ordered shut down,
for 5 days, no definite dates during the month being specified; operators
only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 5 days shutdown time during the calendar month.
{Recommendation of Conservation
CRUDE
RUNS
..AND
J
.
TO
STILLS;
UNFINISHED
Committee of
PRODUCTION
GASOLINE,
GAS
OP
California
GASOLINE;
OIL
AND
Oil Producers.
STOCKS
DISTILLATE
OP
FUEL
FINISHED
AND
RESIDUEL FUEL OIL, WEEK ENDED JULY 14, 1945
;
(Figures in thousands of barrels of
'
42 gallons
each)
estimate of
unreported
Bureau
;
::-i.
"E. & M. J. Metal
and Mineral Markets," in its issue of
duction
reports on month-end open capa¬
city are no longer required. The
situation in quicksilver remains
unsettled and lower prices were
named
for
spot
and
forward
metal."
The publication further
went on to say in part:
•"w;'
•
,
*
District—
East
Gas Oil
Inc. Nat.
Blended
of Re-
& Dist.
porting
v
Fuel Oil
age
erated
785
r—99.5
99.2
The copper
on
tStocks tGasoline Stocks
ity Re- Aver- % Op-
-
Coast.:
1,949
Mill-
Ci-
sidual tary and
Fuel oil
Other
6,363
5,475
7,919
vilian
Grade
7,717
Appalachian—
District No. 1—
76.8
93
oI'H
IA
In'l
t?,?'
53
789
63.7
340
106 0
92.1
,
764
284
1,401
1,217
259
4,794
1>914
.
157
6,124
i'950
763
13,285
7>073
1-488
2 087
2 086
§3
Ij?9
622
~633
22,418
10,470
3 587
6 002
591
132
2,579
2'355
909
Louisiana Gulf Coast-
96.8
267
102.7
970
1 647
972
No. La. & Arkansas—
55.9
89
me
236
850
190
kny';r""""
SmSt
Texas Gulf Cbast^
So?
89.3
,
1
:
392
245
158
83-6
93.6
'•
1>239
5 fi2R
711
Q
'
"S nf)7
Rocky Mountain—
No.
3
17.1
13
100.0
43
No.
4
72.1
129
81.1
404
87.3
932
93.5
2,450
California
___.
Total U. S. B. Of M.
.'
-
21
37
333 ^
9,710
fin
- •
released
buying
a
91'°
15,349
34,804
41,489
^basis^uiy^7^1945--
85.8 5,006
92.1
15,082
33,677
40,754 1139,429 1146,900
14,023
36,907
54,804
July 15, 1944
"
;
*
Includes
4,588
aviation
">39,322
35,539
46-079
45,315
and
military grades, finished and unfinished, title to which
the producing company; solvents,
naphthas, blending
stocks currently indeterminate as to ultimate use, and 11,734,000
barrels unfinished
gasoline this week, compared with 11,767,000 barrels a year ago.
These figures do
still
not
remains
include
forces
may
refineries,
barrels
ef
barrels
of
compares
in
any
the
gasoline
aitually
of
name
which
on
have
in
title
custody
has
in
already
their own
at
bulk terminals, in transit and
kerosene, 5,197,000 barrels of gas
residual
with
fuel
oil
produced
during
1,589,000
in
pipe
oil
and
the
passed,
er
leased
lines.
which
storage.
the
military
tStocks
at
§Not including 1,611,000
distillate
week
or
ended
fuel
July
oil
and
9,337*000
14,
1945, which
barrels, respectively,
barrels, 4,875,000 barrels and 9,238,000
the preceding week and 1,510,000
barrels, 4,861,000 barrels and 8.446,000 barrels,
respectively, in the week ended July 15, 1944;
flRevtsed figure.
.....
in
Note—stocks of
against
year
9,939,000
kerosene
barrels
at
(revised
ago.
July 14,
figure)
1945, amounted to 10,610,000 barrels, as
week earlier and 10,829,000 barrels a
a
consumers.
Current
copper for
is holding
shipment
to
of
month
next
same
level as that
at
about
experienced
month ago.
available
Spot metal was
prices ranging from
at
$142 to $146 per flask,
a
drop of *
$2 compared with a week ago.
Just where the market stood on
forward
business
was
a
subject
A re¬
In
brief, ^on quantity
covering irietal for Au~ ;
gust shipment from Spain, the
price was considered to be a mat¬
ter for private negotiation.
Pa¬
abroad.
business
cific
Coast
from
sellers
naming
forward
also
flat
of
state
J
refrained
quotations on
owing to the
business,
unsettled
the
i
market.
Actual consumption of quicksilver
has increased, but so have avail¬
able supplies.
'
4
Silver
The London silver market
tinued
Consumers, in numerous in¬
stances, have filed requests with
WPB for zinc for delivery next
month
purchased as low as $134
flask, August shipment from
quiet last week and the price
Zinc
at
25Vzd.
was
con-.
'
The New York
Official for
foreign silver was unchanged at 443/4c., with domestic
I
{
metal at 70%c.
"preferred orders"
on
obsolete forms.
on
These have been
returned for proper
filing, causing
Urges Action
on
Full
Demand
for
lead
continued at
believe
purchased for
August shipment will be about
the same as that sold for July.
the
Total
week
was
tonnage
supply, which includes for¬
last
week
amounted to
9,152
tons.
Consumption
United
States
lead in the
1944, covering
and
secondary
of
in
both
primary
metal, amounted to 1,118,643 tons,
according to the Tin-Lead-Zinc
Division, WPB. In addition, 15,524
tons
Total
of
lead
were
consumption in
exported.
1943
came
a
modest scale.
On
producers of zinc are
satisfied
with the
recent
vision of the zinc order,
re¬
claiming
that in
practice it will work to the
advantage of foreign producers.
Most of the domestic output is
likely to remain under control,
particularly in Special High Grade
and Prime Western, they% argue,
in
a
for
scramble
free
market
the
foreign
so-
July 16 Henry Morgenthau,
retiring
Secretary
of
the
Treasury, urged speedy Congres¬
Jr.,
sional
sors
Competi¬
tion in "free" metal is expected
to be particularly keen in areas
accessible to Canadian producers.
Aluminum
WPB announced that it has cut
that
lb.
still
shipped
by the Aluminum Co. of Canada
on or before Aug. 18, 1945. A con*
tract signed late in March of the
current year called for the de¬
livery of 250,000,000 lb. of Cana75,000,000
contract
must
be
its
spon¬
a
letter to Chairman Wag¬
(Dem., N. Y.) of the Senate
Banking Committee, Mr. Morgen¬
thau,
according
to
Associated
accounts
from
Washington
appearing in the New York "Jour¬
nal of Commerce" said the
meas¬
expanding social security cov¬
erage would fix a definite em¬
ployment policy for the post-war
ure
reconversion
that
back its purchase of aluminum in
Canada by 25,000,000 lb.
It also
what
"full employment"
In
"I
under
on
ner
Press
the domestic* producer.
stated
action
term the
bill.
pro¬
ducers may find that they are in
a far more favorable position than
eign metal, will be somewhat in
excess of requirements.
Sales for
the
on
Domestic
called
good rate, and producers
that
some
and
Lead
a
85'8 4,945
covering absorbed 129,649 tons.
not
/v.]
To^alU.^B.^fM45"
accounted for 307,271 tons of lead
consumed
in
1944,
and
cable
pected to declare that domestic
production will receive prior con¬
sideration, and, after it has been
disposed of, MRC metal will be
3,325
V7\./
further weakness.
delay in attending to August
requirements. Buying of zinc last
the
District
District
i
industry is operating
assumption that an order
be issued shortly defining
the
Storage batteries
1,049,222 tons.
just when MRC metal will come
into play now that the demands
for copper for the war program
have diminished. The order is ex¬
1,657
74 2
183
2,858
1>364
965
tn
nil
Copper
will
of
at Ref.
July 19,
"Open-ending of CMP has brought some improvement in
civilian demands for copper and other metals, but not to an extent
to offset heavy cutbacks in war production.
As a result, the buying
of copper last week remained on the quiet side.
Lead continued in
good demand, but zinc was slow.
WPB has again reduced its pur¬
chases
of
Canadian aluminum.
1
Brass mills were
informed that to 1,126,001 tons, and in 1942 to
a
^Stocks
Fro-
•
on
'".;
{Gasoline
*
O.% Daily Crude Runs
Refining
to Stills
Capac- Daily
*
•
amounts and are therefore
of Mines basis
{
could be
stated:
Figures in this section include reported totals plus an
■■
Quicksilver
Buying interest in quicksilver
was inactive, and the price situ¬
ation in the last week developed
per
Volunte—Copper and Zinc Demands ioderale
'
V
continued
that puzzled all concerned.
flon-Ferrous ielals—Lead Sales in Good
4,602,350
represent
Chinese, or 99% tin,
at 51.125c. per pound.
port was circulated among traders
to the effect that foreign metal
3,747,550
854,800
for week ended 7:00 a. m. July 5, 1945.
are
of
as
exemptions
were
/
completed.
:ii 22,100
,
200
4,944,000
^
and
20,500
____
+
post¬
43.8% of the total volume pro¬
projects all financing arrange¬
87,300
—
949.800
1943,
50,300
—
3,994,200
tOklahoma, Kansas, Nebraska figures
several
ports to "Engineering News-Record" in the period from Jan. 1,
through July 12, 1945.
Plans are under way or completed on
66,650
production of crude oil only, and do not include amounts of condensate
gas derivatives to be produced.
1
■ ,
/
engineering projects proposed for con¬
totals $21,614,222,000 according to re¬
Identified and recorded
struction in the post-war years
49,600
10,700
§952,000
952,000
Total United States
,
Planning Volume $21.6 Billions
projects valued at $9,484,279,000,
posed, and on $1,510,728,000 worth of
1 03,250
'
105,000
3,927,900
California
•PAW
Post-War Construction
64,650
30,400
5,950
400
4,800
5,050
+
20,800
12.000
105,000
East
+
115,350
118,200
22,000
+
53,900
*
47,000
Mexico
Total
66,250
30,400
28,000
.
Colorado
New
reported for the corresponding period last year.
war
(Not incl. 111., Ind.,
Kentucky
Michigan
Wyoming
above that
44,050
500
:—
$13,719,000.
construction purposes for the week totals $6,425,000 and is comprised solely of state and municipal bonds.
The cur¬
rent week's new financing brings 1945 volume to $1,477,938,000, 48%
New capital, for
80,550
„—
Arkansas
360,000
....
classified construction,
period.
He
strongly of the
am
Government
does
added:
opinion
have
i
a
definite
responsibility, together
industry, agriculture and
labor, for seeing to it that a sound
*
with
and
economy in this
is maintained—an econ¬
prosperous
country
omy that will be able to-absorb
profitably the honest toil of the
American
worker
and
offer
full
encouragement to American pro¬
ductive
genius."
s
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4406
162
447,
Total Loads
Revenue
Freight Gar Loadings During Week
Ended July 14,1945 Increased 158,864 Gars
.
-
^Railroads
..
.
.
Total Revenue
Southern District—
Atlantic Coast Line
*_
...
Miscellaneous freight loading totaled. 388,954
.cars
Loading
104,877
-and
less
an
cars,
merchandise
increase of
11,435
increase of
an
*•'
of
3,401
cars,
;
•
.
cars
the
preceding week, but
a
;
2,915
190
307
289
*■;
107 "
Banks
states
this
1,404
2,535
561
706
4,315
Credit
,
.
470
455
4,440
601
973
1,249
134 7
„■
$ 1,125
y>.v 344
3,418
services
between
2,533
27,461
28,875
25,822
16,137
26,815
26,331
25,564
11,778
312
308
729
247
285
497
591
3,151
2,855
4,554
5,080
1,102
1,610
1,807
346
357
1,202
1,064
1,766
385
521
407
416
9,437
10,724
10,431
10,910
9,988
7,230
8,385
26,065
24,492
21,728
22,873
24,417
601
725
547
792
900
119
129
101
971
995
124,859
125,488
115,663
107,439
115,435
___*
1_.
"
;
^4.
Winston-Salem Southbound
Total.
1,091
cotton
20,078
19,584
2,532
21,853
3,598
28,692
■
calls for
14,307
3,225
4,109
3,481
3,333
28,648
31,875
983
258
562
Green Bay & Western
Lake Superior & Ishpeming
9,166
8,612
8,210
9,581
459
478
90
67
25,385
26,044
8,642
6,059
425
491
368
3,084
3,306
2,496
2,165
2,195
2,091
2,534
....
Minneapolis & St. Louis
'■:.v>^.
139
"Since
the
45
2,325
<
4
of
Weeks
7,179
7,774
7,526
11,479
11,478
154
116
599
Weeks
customers
loans
to
Weeks
of March...
4 Weeks of April
(
4
.
5
weeks
•
"Week
of July
Week
of
of June^.——w-—___
7—^
-
Atch., Top. # Santa Fe System—...
3,103
3,196
900
865
15,126
13,662
14,290
12,289
3,116
2,910
2,477
4,383
713
782
2,972
3,011
3,971
3,497
6,680
5,503
768
109
43
1,874
1,340
3,441,616
3,363,195
2,027
2,437
1,845
1,822
2,001
4,338,886
4,003,393
Missouri-Illinois
1,340
1,181
1,106
730
672
8
1,027
2,090
47
107
862
1,014
988
738
704
;
...
744,347
808,630
Nevada Northern.—...
877,335
North Western Pacific
22,933;449
22,017,342
,_.■■
....
Received from
1943
1945
1944
255
193
1,294
1,303
1,072
1,007
329
286
•6,571
6,522
6,180
12,124
12,779
1,215
_4_--
1,310
1,393
1,851
2,036
45
26
40
35
Central Vermont
.
1,025
1,053
1,030
2,242
2,28?
4,960
4,929
6,723
10,271
11,64£
8,081
9,418
11,019
—
Hudson__.-™-»_»—i—_
Delaware, Lackawanna
„
-
7,622
7,735
& Western....
•
286
22.9
173
142
108
1,708
1,859
1,880
1,202
1,179
2,294
Detroit & Mackinac
& Ironton
'___
Detroit & Toledo Shore Line.———
■
Toledo
346
319
2,285
13,209
13,419
15,064
16,100
3,748
3,603
7,009
6,888
170
2,778
2,252
2,299
848
1,614
,' 8,736
9,258
10,160
2,490
2,775
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley...-—
Maine Central..——
6,402
2,823
2,610
2,458
17
55,490
47,420
9,427
15,706
2,980
18,856
;___
139,985
600
2,164.
142,220
15,916
2
—3,518
105,145
133,171
5
4,647
94,718
314
6,351
13,596
649
541
815
348
4,834
5,988
5,177
2,233
2,336
2,652
—
2,965
2,247
3,378
3,747
Kansas, Oklahoma & Gulf
Midland Valley_„_
Missouri & Arkansas
2,036
8,878
•
.<•
,
—
——
—
49,818
Central Lines—
& Hartford..
51,985
9,425
919
6,554
'
9,017
1,221
7,064
f
Ontario & Western..—...
York, Chicago & St. Louis.'.—
The
sale
will
ducer
to
hold
a
ing
the
for
cotton
letter
and
of
higher
;>
folder explain¬
procedure
for
loans
cotton
-
pro¬
; v
..
the
th,ese
govern¬
schedule
encourage
prices."
In
the
to
assured
a
new
making
which
were
mailed to banks in the ten cotton
producing states, Mr. Bailey says,
"Commodity Credit Corporation
has announced that eligible cotton
of the 1945 crop will be purchased
by that agency from producers at
a fixed scale of
prices, varying by
grade, staple, and location^ on the
basis of 22.15 cents
per
pound
gross weight for middling 15/16,
at Memphis in August, with an
increase of 5 points per pound per
month until June
price
reaches
1946
when
This
22.65.
the
situa¬
tion presents an attractive oppor¬
168
267
601
944
6,286
5,893
2,979
2,529
tunity
3,950
3,860
3,001
2,664
298
334
403
: .1,221
1,086
growing states to assist in the
orderly marketing of this year's
cotton crop by making loans to
752
822
_________
769
;
406
529
for
banks
of
289
412
345
5,717
4,050
5,008
18,761
17,902
18,457
60
260
330
9,774
9,045
7,930
8,053
3,374
2,746
6,145
7,066
12,258
13,247
5,601
5,255
5,459
4,913
7,866
18,353
114
76
10,696
Louis-Southwestern
...
Texas & New Orleans
Texas & Pacific
Wichita Falls & Southern—.:
3,601
'
4,991
7,411
90
110
34
25
33
26
21
38
77,011
74,149
64,523
66,503
123
...
Weatherford M. W. & N. W.
24;
farmers.
73,954
Government
The
com¬
mitment to purchase eligible cot¬
ton
securing a loan can provide
degree of safety to the bank
comparable to
the safety of an ordinary
CCC
non-recourse
loan
loan where the Gov¬
is committed
ernment
Total—
cotton-
and to the farmer
90
6,958
19,484
St. Louis-San Francisco
the
a
10,643
203
7,059
Quanah Acme & Pacific—
and
absorb
to buy the
loss result¬
any
•'
399
543
1,674
7,221
8,877
5,300
4,919
7,369
7,468
906
935
1,008
\_19
18
369
376
173
212
1,510
1,252
2,564
322
1,126
1,050
•6,118
6,347
5,837
10,469
5,999
5,229
5,419
3,730
159,628
—---—-——
Wabash
—
—
162,428
166,173
195,850
•
-■•■■
366
980
>
„
360
>
11,718
4,102
■
216,674
give herewith latest figures received by us-from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry,
2,461
359
v
North—...— '
Wheeling & Lake Erie—_—•
Weekly Statistics of Paperboard Industry
We
The
;
—
Lake Erie—
Buffalo Creek & Gauley.—
609
48,310
48,606
6,214
7,006
t
t
709
111
cates
the
activity of the mill based
are
2,119
213
t
t
^
Ligonier Valley.....
Long Island—
Penn-Reading Seashore Lines
Pennsylvania System—______—......
Reading Co
'
Union (Pittsburgh)__
.—
Western Maryland—;——-
the
total
a
figure which indi¬
the time operated.
on
These
1,613
1,907
7,153
7,111
16,431
20,113
555
658
44
49
176
226
248
14
8
118
144
146
55
50
2,356
1,692
1,182
4,060
1,712
1,680
2,122
2,306
89,627
91,638
86,181
57,844
15,422
13,835
14,753
24,570
19,113
19,771
17,201
7,244
7,966
4,233
4,196
4,712
11,439
12,082
198,918
185,188
152,879
173,856
65,495
28,130
April 7
April 14
April 21
Tons
Remaining
Tons
146,832
159,733
Tons
-
___.
,4——~
30,276
30,298
14,732
22,545
22,523
6,368
14,343
'
4,620
,
Current Cumulative
604,720
92
94
158,938
604,214
97
94
162,040
564,631
98
95
4,949
2,276
2,160
57,641
57,770
23,376
25,292
'
'
-
Total.—.:——
54,156
Examiners
The
the bank would
for
producer and
know the
exact
value of the bale of cotton under
the CCC
purchase program. "The
Commodity Credit Corporation _is
committed to buy the eligible 1945
it
of banks in
ers
will
welcome
the
assist¬
financing farm¬
to hold their cotton for better
prices," Mr. Bailey said.
In addition to
-
all the banks in
142,387
158,854
546,311
99
161,764,
153,111
605,892
97 '
95
152,208
602,717
94
95
May 19
126,285
97
95
129,327
158,532
157,794
565,867
May 26
532,257
97
95
Mississippi, Oklahoma, Tennessee,
168,204
153,359
546,211
93
i 95
Arkansas, Louisiana, North Caro¬
June
2—
9
!
95
:
189,674
159,228
575,167
97
June 16
129,618
159,230
537,182
96
115,768
166,083
157,932
491,287
96
95
156,447
499,505
96
95
7
—
—
—
July 14—
180,155
145,797
•
99,960
151,085
8,789
4,820
Cotton
223,162
July
28,368
warehouse
5
May
June 30
21,168
the
May 12
April 28__
June
Pocahontas District^—
of
classification.
Activity
June 23_—...
Jhesapeake & Ohio——_>
iorfolk & Western.;
and
would forward the samples to the
ance
Percent of
125,708
i
warehouse
that
Unfilled Orders
Production
203,891
1945—Week Ended
3,925
1,760
PRODUCTION, MILL ACTIVITY
Orders
Received
the plan,
cotton at guaranteed prices up to
June 30, 1946, and has indicated
t
Period
22
1,679
7.181
197,341
Cumberland & Pennsylvania
of
advanced to equal 100%, so that they represent the total
2,237
■
543
Indiana—_—...
Central R. R. of New Jersey
83%
statement each week from each
production, and also
STATISTICAL REPORTS—ORDERS,
30,297
25,889
6,354
a
represent
1,176
1,029
42,068
,-
Association
the market
the producers
their cotton in an ap¬
proved warehouse, have the cot¬
ton
sampled on arrival at the
Board
this
member of the orders and
industry.
4
Youngstown.—
..
of
v. 7
industry, and its program includes
figures
pistrict—
members
in
would place
8,820
5,146
revised.
Under
1,777
8,042
Pittsburgh & Shawmut
Pittsburgh & West Virginia.———.
Note—Previous year's figures
'
407
ing from a drop
price of cotton."
•(•Included in Baltimore & Ohio RR.
38C
298
7,604
Y., Susquehanna &j Western.—.....
Pittsburgh & Lake Erie
Pere Marquette.
—
—
N.
'
from
back
the
of
"
New York,
rirginian
cotton
prices
hold
to
quantity
3,587
Missouri Pacific
15,509
208
farmers
379
Missouri-Kansas-Texas Lines
St.
forms in¬
non-recourse
3,662
City Southern
LitcHfield & Madison—
3,647
^
'•
.
'
,
15,629
409
2,084,
17,518
1,438
189
1,936
Monon^ahela—
Montour
_—.....—^
Pittsburg, Shawmut &
'
Louisiana & Arkansas...,
20
•
'
4
16,596
52,640
3,979
—
2,032
2,371
6,414
2,506
5,852
12,649
Grand Trunk Western....-
0
13,268
1,991
2,211'
.
15,138
2,460
; 404
,
0
15,008
384
...
Total——
Kansas
'
8
33.985
322
<
..i 17,667
_____4i——4._—666
International-Great Northern
<1,472
—
Union Pacific System
Utah
Western Pacific..—__:
Gulf Coast Lines..
Connections
1944
Louisville
Chicago, Indianapolis #
6
34,515
396
.
Southwestern District—
34
Boston & Maine
Central Indiana..
33
33,772
—4—.
Southern Pacific (Pacific)
Burlington-Rock Island—
; 1945
———-
.
own
making
ment.
2,123
1,208
903,901
for cotton,
hesitancy in
CCC forms.
The Com¬
modity Credit Corporation is urg¬
ing banks to make these direct
6,885
821
258
&
3,168
14,669
-
1,435
Total Revenue /
Bangof & Aroostook.
Cambria
10,886
957
AND RECEIVED FROM CONNECTIONS
WEEK ENDED JULY 14
Eastern District—
Baltimore & Ohio
12,344
572
(NUMBER OF CARS)
Ann Arbor
Bessemer &
21,027
Fort Worth & Denver City
Illinois Terminal.....;
Freight Loaded
Allegheny
19,669
Denver & Salt Lake
726,404
Railroads
Akron. Canton &
20,069
Denver & Rio Grande Western.—
22,871,617
FREIGHT LOADED
44;
105
3,845,547
Total Loads
Rutland
4,359
108
3,152,879
table is a summary of the freight carloadings for
railroads and systems for the week ended July 14, 1945.
During the period 63 roads showed increases when compared with
the corresponding week a year ago.
New
13,097
3,509
405
3,055,725
The following
New York
14,135
3,366
420
3,154.116
the separate
N. Y„ N. H.
23.984
3,556
400
3,91#>:7
3,27&.«*6
Peoria & Pekin Union.
Detroit,
30,905
3,714
672
883,268
i
Delaware &
30,649
_____
Bingham & Garfield
:
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois——
price
guaranty of
a
no
their
on
of
substantial
Central Western District—
Toledo, Peoria & Western
'
3,076
62,340
Colorado & Southern
——————
/
3,904
66,569
2,910,638
-
—
—
July
REVENUE
2,681
145,221
3,158,700
3,452,977
4,364,662
•-
—.——
—
Total
.:,r-
2,766
140,195
1943
3,374,438
—__
Weeks of May
2,255
133,345
■Total——.—___.
18,
on
3,049,697
of February
5
•
Spokane, Portland & Seattle
July
following to
price
banks need have
stead
4,018,627
4
•
gov¬
making direct loans to their farm
543
»
A.B.A.
purchase
minimum
5,426
5,946
276
Spokane International
Altoh.
the
to
the
this
2,876
3,140
10,056
__
Northern Pacific
1944
3,001,544
January
had
schedule in effect is
968
775
V.
the
also
loans
Minn., St. Paul & S. S. M.___
•
cotton
say:
529
•:
'
'
his
from
which
316
766
21,565
Great Northern...:
vices
11,778
482
.
1945
sell
a price roughly corre¬
sponding to full parity, said ad¬
3,101
10,757
3,397
796
Ft. Dodge, Des Moines & South..
.
a purchase price schedule
provides that the grower
which
12,317
2,669
21,188
:
8,342
Elgin, Joilet & Eastern
•
22,507
2,278
22,314
Duluth, Missabe & Iron Range.
Duluth, South Shore & Atlantic
totaled 43,502 cars an increase of 11,911
cars above the preceding v/eek but a decrease of 5,017 cars below the
^
corresponding week in 1944.
Ore loading amounted to 77,255 cars an increase of 7,512 cars
above the preceding week but a decrease of 9,474 cars below the
corresponding week in 194.4.
:
Coke loading amounted to 14,661 cars an increase of 1,406 cars
above the preceding week, and an increase of 412 cars above the
corresponding week in 1944.
All districts reported decreases compared with the corresponding
*, week in 1944.
All districts reported decreases compared with 1943,
except the Allegheny, Southern; and Centralwestern.
announced
by the
Credit
Corporation
crop
ernment at
_
Chicago, Milw., St. P. & Pac.__;
Chicago, St. Paul, Minn. & Omaha..
Forest products loading
the
Commodity
may
•
customers
.
Northwestern District—^
Chicago & North Western
Chicago Great Western
farm
plan worked out
Agricultural Com¬
a
and the Commodity
Corporation, according to
C. W. Bailey, Chairman of the
Commission, who is also Presi¬
dent of the First National Bank,
Clarksville, Tenn.
'
The purchase plan for the 1945
857
416
3,440
___
their
mission of the American Bankers
11,385
336
to
by virtue of
90
..
4,080
15,758
.
Tennessee Central
growing
Association
..4.
Southern System
cotton
an
opportunity
to increase their credit
year
41
.4
.....
the
have
1,371
Seaboard Air Line.
Livestock loading
in
will
45
332
Piedmont Northern
amounted to 13,293 cars, an increase of 2,398
cars above the preceding week but a decrease of 1,283 cars below
the corresponding week in 1944.
In the Western Districts alone
! loading of live stock for the week of July 14 totaled 9,231 cars, <tri
•increase of 1,733 cars above the preceding week, but a decrease of
495 cars below the corresponding week in 1944.
■
2,614
261
139
Richmond, Fred. & Potomac
increase
'of 10,713 cars above the preceding week and an increase of 3,109 cars
above the corresponding week in 1944.
In. the Western Districts
alone, grain and grain products loading for the week of July 14
totaled 46,157 cars, an increase of 5,314 cars above the preceding week
and an increase of 4,173 cars above the corresponding week in 1944.
1,697
4,981
Norfolk Southern..
Grain and grain products loading totaled 65,645 cars an
1,880
Increase Credit Servs.
862
_
Mississippi Central
Nashville, Chattanooga & St. L._
•corresponding week in 1944.
1,630
1,500
Macon, Dublin & Savannah
increase of 57,130 cars
decrease of 4,369 cars below the
1,501
43
Louisville & Nashville
Coal loading amounted to 175,081 cars an
-above
536
912
;
Illinois Central System..
above the corresponding week in 1944.
cars
5,671
829
:
r
V," 117
•
Gulf, Mobile & Ohio
....
9,716
4,161
1,750
:
Georgia & Florida..
freight totaled
above the preceding week
1,162
8,959
4,077
900
Georgia
lot
carload
than
Enables Banks to
280
2,511
11,010
4,354
Gainesville Midland
increase
an
242
2,241
'•
1,215
10,927
202
Florida East Coast
but a decrease of 7,412
above the preceding week,
below the corresponding week in 1944.
cars
906
9,940
___
Durham & Southern
54,359
630
3,941
Georgia..
1944
1945
358
809
1,260
Columbus & Greenville
Loading of revenue freight for the week of July 14 increased
156,864 cars, or 21.6% above the preceding week.
•
~
""
;
.of
363
758
Charleston & Western Carolina
"l:
1943
475
__
Atlanta, Birmingham & Coast
Clinchfield
1944
1,316
___
Atl. & W. P.—W. R. R. of Ala.
Central of
Connections
1945
Alabama/ Tennessee & Northern:
Loading of revenue freight for the week ended July 14, 1945,
totaled 883,268 cars, the Association of American Railroads announced
on
July 19.
This was a decrease below the corresponding week
of 1944 of 20,633 cars, or 2.3%, but an increase above the same week
in 1943 of 5,933 cars or 0.7%.
Cotton Purchase Plan
Received from,
Freight Loaded
.
..
Notes—Unfilled orders of the prior
95
/
.
95
575,918
/
62
90
94
week, plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports,-orders made for or filled from stock, and other Items made necessary adjust¬
ments of unfilled orders.
Belt including
Alabama, Georgia,
South Carolina and Texas,
lina,
the letter and material
the
explaining
purchase program for banks
94
575,134
the ten major states of the Cotton
were
and
mailed
county
to
key
state
secretaries
bankers
in
Arizona, California, Florida, Mis¬
souri, New Mexico and Virginia.
$2,610,000.
Pushing capital funds
past
$3,000,000
are
undivided
profits and a reserve for contin¬
gencies, Mr. Robertson said."
I
(Continued from page 438)
Secretary, and Harold C. O'Brien
is Assistant Cashier and Assistant
Directors are Fred H.
Cook, P. D. Lockwood and all of
the officers except Mr. O'Brien.
Secretary.
the same period ad¬
vanced from $2,799,083 to $5,548,721, and loans and discounts rose
$1,005,437."
from $797,557 to
The transfer of $750,000 to the
surplus account of the Riggs Na¬
Fidelity Trust
tional Bank of Washington, D. C.,
Public Bank of has been authorized by the di¬
Baltimore, was
rectors, President Robert V. Flem¬
17 at meetings
ing reported on July 10, it was
of the stockholders of the respec¬
made known by S. Oliver Good¬
tive institutions.
The Baltimore
man in the Washington "Post" of
"Sun," noting this on July 18,
July 11.
From these advices we
added:
also quote: "Together with $250,"It
is
contemplated that the
000 added to surplus last January,
merger will become effective at
this brings the bank's surplus ac¬
of the
Company and the
Maryland, both of
approved on July
Merger
28,
after which date stockholders of
the Public Bank may exchange
their stock at the main office of
of business on July
close
the
Company, on
Trust
Fidelity
the
basis of four shares of stock
•the
of the Public Bank for one
share
of stock of the Fidelity.
"The combined institutions
of more
have total resources
capital accounts
and
$60,000,000
•
will
than
The merger
give the Fidelity five offices
main office, and
in addition to its
not only trained to
personnel
a
general bank¬
and
trusts
handle
and
but in consumer-credit
personal loans.
ing
"Four
directors were cho¬
new
Walter Sondheim, James F.
sen:
Leonard
A.
A.
three being
and
Bonnell
O.
Robert
Turner,
the
Siems,
first
directors of the Public
Bank, while Mr. Siems is a VicePresident of the Fidelity.
"Mr. Sondheim is Vice-Presi¬
Hochschild,
dent and Treasurer of
Kohn
Vice-Chairman of
American
former President of
& Co., a
the Baltimore Chapter,
Red
Cross,
a
Associated Jewish Charities.
President of Flynn
&
Emrich Co., long-established
foundry and
engineering com¬
"Mr. Turner,
director of William C.
Robinson Company, the Industrial
Building
Company,
the YMCA
and the Kernan Hospital for Crip¬
pled Children.
""Mr. Bonnell, in addition to be¬
ing President of the Public Bank,
is
pany,
is
the
of
Associated
Hospital Service, Chairman of the
Baltimore
Aviation
He will become
Commission.
Vice-President
a
Fidelity and
a
member of
quarterly dividends of $3 a share
on capital stock, payable July 16
and October 15 to stockholders of
record July 9
died
Union
Fifth-Third
the
of
Vice-Presi¬
Mergler,
J.
Henry
dent
Trust
and September 30."
Co., of Cincinnati, Ohio,
July 9. In its July 10 is¬
the
"Cincinnati
Enquirer"
on
sue
said:
"Mr. Mergler, who was 63 years
had served the Fifth-Third
1903, when he was em¬
ployed as a clerk by the Union
Savings Bank & Trust Co., prede¬
old,
Siems
before
"Still
board
The
coming
institution.
Advancing to Assistant Treasurer
and then Secretary, Mr. Mergler
the
of
cessor
present
in
Vice-President
elected
was
January, 1934.
Amer¬
the
educational division of the Amer¬
ican
Bankers
Association,
Mr.
Banking,
of
Institute
for many years an
instructor of the Cincinnati chap¬
Mergler
ter
was
of the Institute."
Treasurer.
"The
meeting
the
since
was
the
choice
the first
preceding
day of Thurston Morton
H.
III,
Brown,
at
a
new
as
and Eli
members
elected
stockholders' meeting."
of the board.
They
were
ber
Cynthiana
of the
R. H. Jack¬
Its officers are:
958.
President; Lon Harkey, VicePresident; R. S. Moore, Cashier;
R. S. Roberts and Harry Cornell,
son,
Assistant Cashiers.
Federal Reserve Sys¬
the "Dallas
reported that Na¬
and E. L. Flippen
Adams
than
named directors of the Hill-
were
University
American National
and the
Park
of
Bank
State
crest
holders'
stock¬
that
during
meetings
week, and that T. E. Jackson was
also elected a director of the HillBank.
State
crest
The
advices
said:
further
affiliates
menting
Flippen,
their
las.
:
:
Bank
tional
ier and Trust Officer.
Mercantile
The
Trust
and
Bank
Commerce
-
St.
Company,
Division—Amer¬
Brake Shoe Company, with
ican
Bearing
has
he
took
up
subscribers
scribe
for
A graduate of Prince¬
wished
stock
more
to
sub¬
than
their
present holdings entitled them to.
plan 10,000 shares of
$20-par-value stock
first of¬
stockholders,
Share for share, at $25 per share.
were
fered to the present
National
Bank
of the
in
are
First Na¬
In
Dallas.
com¬
this affiliation, E. L.
President of the First
on
National
Bank
in
Dallas,
said:
rapidly growing sub¬
were
acquired in
'These
two
urban
banks
to
order
better
serve
the
Towson
respective sections of Dal¬
National
Bank
of
Md., is expanding its
capital from $100,000 to $150,000
by
increasing
the
number
of
shares from 10,000 to 15,000 of $10
value, H. Guy Campbell, Pres¬
ident
of
the
bank
announced
to
voted
by
enable
the
bank
its
said.
becoming
against
earlier. De¬
793,925 last December
years
Savings &
Washington when Alfred
died, and who has been
prominent in northwest banking
circles since 1909, died on June
24 according to Associated Press
coma,
Lister
advices which added:
•
since he came here in
He was a past President
of
cial
editor
as
of
Louisville
the
Journal";
advices
tinued:
con¬
"This reduced RFC's holdings of
preferred
from
$750,000
$690,000, which is represented
by 27,600 shares of $25 par value
to
stock.
"Coincident
directors
a
stock
with
of
this
the
dividend
telligencer" of July 8, referring
to the bank's development through
the course of the years, from the
time of its inception in 1870 as
the Phillips-Horton & Company
Bank, had the following to say
part:
;!
"The Phillips-Horton and Com¬
Bank, which grew through
changes and mergers
into the Dexter Horton National
Bank and finally into the SeattleFirst National
Bank, will cele¬
brate the 75th anniversary of its
pany
successive
-
Liberty
anniversary of the
National Bank
of
Seattle, Wash., has recently been
observed.
The Seattle "Post In¬
in
retire¬
bank
on
de¬
com¬
stock by increasing the 60,-
000 shares of common from
a
par
founding this week.
"The bank opened its doors for
business June 16, 1870, in a one-
20 feet by
40 feet, on the corner of what is
now 1st Ave. S. and Washington
story frame building,
of
of
Associations,
Loan
and
member
a
Conference
Northwest
the
Savings
committee
the
procedure
of the United
States Savings and Loan League,
Vice-Chairman of the
League's
committee for social security, and
a
member
of
the
League's state
section committee."
;;
?
The
Royal Bank of Canada an¬
on July 19 the appoint¬
of A. F. Mayne as super¬
of
foreign branches and
nounced
ments
Clark
assistant
as
super¬
of
banking arrangements.
Clark and Mr. Mayne
have been connected with vari¬
ous
branches of
the
bank
for
Mr.
Both
many years.
value of $16.
This increases the capital repre¬
St.
in the armed
women
is
"This
striking
a
illustration
Ameri¬
of the extent to which the
people have increased their
protection while directing their greater wartime incomes
into the channels of thrift and
can
insurance
savings," Holgar J. Johnson, Presi¬
dent of the Institute, said in com¬
menting on the mid-year report./.
"They have made unprecedented
purchases of War Bonds, holding
about $44,000,000,000 at mid-year;
they have increased savings de- j;
posits at a record pace to over *
$44,000,000,000 at mid-year; and
they have increased their owner¬
ship of life insurance to a record
The net result is an im-*>
amount.
portant contribution to stabilizalion of the national economy for
The
declared
dividend
interim
an
for the
the
on
maximum
the £ 4 share's, and
of 614%
dividend
period.
the stock for the same
dividends
(less income tax)
the 1st of Au¬
shareholders; and
will be payable on
those
to
whose
stockholders
registered
Directors
The
were
names
the books of the
the 30th of June, last.
in
company on
Midland
the
of
in¬
Bank
Limited
terim
dividend for the half year
ended June
an
announce
30, last, at the rate of
actual less income tax,
which
16.
The
payable
was
rate
same
clared
a
July
on
of
*
company ;
all
life
American
insurance
companies were
$42,500,000,000,!
guaranteeing the life insurance I
protection for 70,000,000 policy-'
holders.
;
.
.
"Aggregate benefit payments to j
policyholders and beneficiaries in
the first half of the year were i
approximately $1,370,000,000,
which is $93,000,000 more than
payments in the corresponding
period of last year. The increase
is due in large part to war death
claims.
Total death claims ex- Si
ceeded
$670,000,000 in the half ;
which compares with $614,- S
014,000 in the first half of last:
year and $507,869,000 in the firsts
half of pre-war 1941. Direct payyear,
,
ments to
elusive
living policyholders,
cash
of
ex-
?
pay-!
surrender
!
ments, also increased in the first
of
this
of
dividend
was
of
de¬
Harry
Go-
Chairman of the
British Bankers Association, on
schen,
former
July 7, at Harlow, Essex, was re¬
ported
vices
in
from
Associated
ad¬
9.
He
July
London
78 years
Press
of age.
In the New
York "Herald Tribune" of
was
July 10
The
"Sir
Harry
following
was
born
is
reported by]:
Washing- ;
ton, July 13, to be President Tru-^|
the United
Press
from
man's message to the French
pie
peo-j:
Bastille Day, July 14, the ;
national holiday:
on
French
Day, the people I
have given the world;;
undying symbol of freedom.;!;
Throughout the long history of/;
our
friendship with France, the.:
"In
Bastille
of France
an
people of the United States have
shared
the
it stands.
in
throw
rannies
principles f
significance than j
over-/!
the
final
the
darkest
of
one
•/1
those
of
year
of
/'Vv :'/y
//';••/
have
greater
a
this
;
principles for which;!
/>.
that 'has
tried
ever
enslave mankind."
ty¬
to>
.
f
fice of his father's
firm, Fruhling
Goschen, and soon became a !
partner in the firm of Goschen Sc'i
&
Cunliffe.
stated:
1;
Day Message to French
"Never
Sir
year,
Truman Sends Bastille
had
it
says:
insurance
holdings of U. S. Government se¬
curities
reached
approximately
$18,000,000,000 at mid-year, upf?
$11,000,000,000 since Pearl Har- ;
bor. Life insurance company sub- ;
scriptions in the Seventh War!
Loan Drive alone came to $3,200,- [
000,000. At mid-year, total assets j
year ago.
death
The
was
life
of
half year ended 30th
9%
8%
further
"Total
aggregating!
$585,000,000 which is 15% over!
Directors of Westminster the
corresponding period of pre- j:
Limited of London have war 1941",
I
Bank
gust
j
the war period and to the nation's
fight*against inflation." The In- t
half
William
"In the beginning Dexter Hor¬ Henry Neville Goschen, in Adand
David
sented
by common
stock from ton
Phillips
were dington, Surrey, but when he was
storekeepers.
They got in the knighted in 1920, he chose to be
$900,000 to $960,000.
known as Sir Harry because there
"Capitalization of the bank now habit of hiding money in their
includes preferred stock, $690,- store for customers who had no? already was a Sir William Henry
000; common stock, $960,000, and place to leave cash in bankless[ Goschen, a relative.
"He began his career in the ofUsually they hid
the
surplus, $960,000, for a total of Seattle.
value of $15 to a par
and
men
on
loan
The
75th
the
"Mr. Winden had been with
company
on
bank.'"
The
Loan Association, Ta¬
of
to June; 1945,
'
Seattle-First
$60,000 of the
preferred stock held by the Re¬
Corporation
was announced by Merle E. Rob¬
ertson, President of Liberty Na¬
tional Bank & Trust Company, of
Louisville, Ky., on July 9, ac¬
cording to Donald McWain, finan¬
1
"Assets of the bank stood at $5,-
$3,016,211 two
before
of the Tacoma
became President
"Cooper E. Wyatt, President of
Hillcrest and American
enlarge
the
forces.
stitute
both the
National, stated that 'Our affilia¬
tion with the First in Dallas will
Service Life Insurance written on
who last month
W. Winden,
A.
city.'
Executive
construction Finance
mon
was
capital structure in
proper ratio to its steadily
in¬
creasing deposits, Mr. Campbell
keep
Manager
Sales
and
of
Retirement
clared
to
of
ITesidenL;;;;*^;^:^^
ment
quote:
help to
unit
that
"
also
will
cluding
Pettus is
Vice-President
on
we
"Sun," from which
stockholders
of
but
maintain the individuality of each
timore
increase
charge of arrangements for the
in
visors
serve,
sitions with National Bearing, in¬
July 5, it is learned from the Bal¬
"The
celebrated its 50th anniversary, is
First visor
National will not only benefit the
C. B.
individuals and businesses they,
materially our score
operations, while continuing
.Towson,
par
imer, whose father, N. H. Latimer,
the bank's President when it
interests, and the people, in
We feel that the association
,
was
busi¬
a native St.
Louisan and has held various po¬
Mr.
"Courier
The
the;; class
in
University
1927,
new
who
Under the
associated
been
Vice-President
stock, leaving
1,266 shares to be
distributed
among new subscribers and to old
the
announced
recently
Louis,
ton
stockholders
swept
rebuilt.
1909.
American
"The
lis, President; W. O. Boren, Cash¬
19.
since 1928.
"Present
Seattle
de¬
stroyed the building in which the
bank began, but, like the rest of
the burned-out town, the ; bank
which
fire
In its July 15 issue
ness
July
which
8,374 shares of
Company.
"Seventeen years later the big
peak kf
with an estimated
$153,000,000,000 in force, it was
reported on July 20 by the Insti¬
tute of Life Insurance.
This is,
an increase of $9,000,000,000 over
the previous mid-year and $29,000,000,000 greater than the total
in force at the outbreak of the
war.
These figures said the In¬
stitute do not include the National
mid-year,
at
Horton and
reception."
Times-Herald"
The new member
was
organized in 1905.
It has a
capital of $30,000, surplus of $13,~
000 and total resources of $714,492.
Its officers are: Ray B. Holtem
eral Reserve Act."
Baltimore "Sun" said:
Dexter
as
of
and the Hillcrest State Bank
State
Bank,
Cynthiana, Ind., became a mem¬
The
tional
Cumberland, Md., announced on
July 17 the sale of stock under its
recapitalization
plan
had
been
oversubscribed. Reporting this the
known
became
owned by Ameri-
families reached a new
can
was
Bank
Life insurance
■
the
Brothers,
"/."Now, with 35 offices throughSharon, Sharon, cut the
State, the bank has its
Tenn., became a member of the main office at 2d Ave. and Cherry
Federal Reserve System on July
St., only a few blocks from its
20.
In reporting this the Federal
original site.'
Reserve Bank of St. Louis said:
"High point of the week-long
"The new member opened for
anniversary celebration will be a
business Dec. 1, 1902.
It has a reception,
to
which
Seattle's
capital of $35,000, surplus of $25,pioneers have been invited, in the
000 and total resources of $1,316,bank tomorrow night.
G. N. Lat¬
The
now;
and foreign corpo¬
rations chartered under the Fed¬
The Liberty Trust Company of
,;
y
of
that
is
books
Frauenthal
tion
build a
for the Federal Reserve Board, election of Thomas W. Pettus to greater Dallas, as suburban banks
and for many years examiner in the bank's board of directors. Mr. play no small part in the increas¬
charge of examination of Federal Pettus is President of the Na¬ ing financial' importance of our
banks
:
active account on the
early; day
merchants, who made their first
Louisville, Ky., on July 19 elected
deposit on
the day the, bank
A. B. Comstock President of the
opened. The Frauenthal brothers
institution on motion of Bethel B,
are long since dead but the hold¬
Veech, retiring President.
Mr.
Comstock was elevated from his ings they left are being adminis¬
tered by their nephew, J: H. Neuposition as Vice-President, accord¬
berger, a Seattle-First National
ing to the Louisville "Courier
Bank Vice-President.
■
Journal," which further reported:
"In 1872 Phillips dropped out
"The directors also chose Mr.
of the firm, selling his interest to
Veech as Chairman of the board
Arthur A. Denny, and the institu¬
of directors and A. R. Landes as
Bank of Oak Cliff at their
"A Past President of the
ican
to
engaged in bank supervisory work
Reserve
bank's
of these two banks with the
the Fidelity as Vice-President was
an
;
of directors- of the
United States Trust Company, of
:
since
its executive committee.
"Mr.
Northwest.
Pacific
,
a
President
of the
established
bank's
the
with
policy of continuing to build up
capital structure,' according to Mr.
Fleming.
/ ; ■
"Directors
also voted regular
exceeding $3,000,000.
will
$5,750,000 and 'is in keep¬
count to
ing
in a coffee barrel.
Then
they bought a safe and finally
opened a bank, the first in the
money
in
posits
Thursday, July 26, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
448
of
the
He
was
chartered
made
and
National
Provincial
became
director;
of
India,
China, and of the )
Bank,
He
Chairman of the London'
Clearing House in
ceived
a
Bank
Australia
the
Empire.
in 1927."
Order
1918
of
He received
the
a
and
re-!
British;
baronetcy
i
@FedFRASER